Frank Sullivan: No, I think that’s correct. I mean, again, we’ve been fighting and it’s not unique to us or the whole industry for that matter, most manufacturing a commodity cycle that’s bigger than any of us have ever seen. Over a two-year period, we saw more than $500 million of raw material price impacts in our Consumer business. And so it took us a long time to get on top of that. And I can tell you the other aspect of it, and this is something that I said in the spring of ’22, and we were early. We were starting to see inflation throughout our whole P&L. And so we’ve seen inflation, which continues, while raw material inflation is abating and our regulated price increases are stepping down, and you can see that with the data I just gave you this quarter.
Labor is still an issue. Items like insurance, are a meaningful issue in terms of higher inflation. And so inflation still exists in a number of factors and inflation still exists because of interest rates in the housing market. And I think that’s part of the challenges that we’re seeing, particularly in our Specialty Products Group.
Josh Spector: So I guess – sorry, to clarify one more time. So sequentially, when you’re talking about inflation still persisting, are your pricing moving up sequentially, down sequentially or holding sequentially in terms of how you’re thinking about this quarter and your outlook?
Frank Sullivan: So in the quarter, year-over-year, we’re up 1%.
Rusty Gordon: In which quarter?
Frank Sullivan: This quarter?
Rusty Gordon: Oh, the second quarter?
Frank Sullivan: Yes.
Rusty Gordon: Yes, we’re going to lap some anniversaries of selling price increases, Josh. So yes, we would expect marginal decrease in that 3.5% price effect.
Frank Sullivan: But it’s – you know, again, there’s a few areas where we’ve had price increases where it was just necessary to get them that are a little outside of cycle, but we are seeing the impact of price sequentially step down. And so I can’t give you the numbers for future quarters other than – in this quarter, price increases accounted for about 3.5%, and we would expect that to sequentially slowly bleed out in the next couple of quarters. And the things that we’re paying attention to are odd off ones, again, relative to oil prices and their impact in other areas, tin plate relative to tariff activity that’s being pushed in Congress. So there are a couple of areas that we’re paying attention to, but nothing that’s impacting additional price increases today.
Josh Spector: Okay. Thank you.
Operator: The next question comes from Aleksey Yefremov of KeyBanc. Please go ahead.
Frank Sullivan: Good morning, Aleksey.
Unidentified Analyst: Good morning. This is Ryan on for Aleksey. So I guess my first question, I understand there’s a number of different pockets of non-res, but can you walk us through how demand is kind of trending in each of those markets? And have you seen any signs of slowdown in backlogs in any of those markets? Thank you.
Frank Sullivan: Sure. So, you know, there’s not too many – in the construction markets, there’s not too many good statistics to point to. Residential construction is taking it on the chin in North America, which is where we have our primary exposure. Commercial construction is not very strong. You know, you look at the office glut and what’s happening there. The build out of the Amazon distribution centers, things like that have run their course in terms of the big growth. So there’s not a lot of good signs to point to. The areas of strength for us are the things that we talked about, very deliberate initiatives around maintenance and repair in the sectors that we have strengthened. And so, I think our performance is kind of bucking the underlying trends.
