John Garrison: Right. So, this year, supply constraints really started to alleviate in Europe actually ahead of North America. Our sales and bookings in Europe were holding pretty constant in Q3. But again, just going back to that customer sentiment, the customer sentiment is not nearly as buoyant. And so, we’re watching that. We’ll see. We’re obviously there’s some — not as many large national accounts in Europe, but we’re engaged in those conversations as they are in North America. So more to come, but we thought it was worth calling out that sentiment in Europe is definitely not nearly as strong as it is in North America.
Jerry Revich : Yes. I appreciate the transparency and the discussion. Thanks.
John Garrison: And Jerry, let me just say on that. And really as we look and it goes to our telematics data as well, U.K. and Germany. Other markets are holding up, but U.K. and Germany, we’re seeing that sentiment.
Operator: Our last question will come from Mircea Dobre from Baird. Please go ahead. Your line is open.
Mig Dobre : Thank you. Appreciate it. And John, all the best congrats. I guess I have a general question and a specific follow-up. The general one is as you sort of look back at your tenure here, you’ve obviously done great things for this company. Is there anything that you sort of feel — not to say that you left undone, but you wish you could have gotten to, but you just couldn’t that Simon and the team you think need to follow up on?
John Garrison: Thanks, Mig. We’re talking about this as a team. And the reality is when you sit where we sit, and you’ve got a value of continuous improvement, you look at all the things, man, we made a lot of progress. And it’s hard not to acknowledge the progress, the portfolio of the businesses, the improvements in the operating side. And — but when one of your values this continuous improvement, you’re never satisfied. And so, continuing to drive that improvement in that area. I will say our safety performance, we were on a good curve that’s flattened out. And so that’s one thing I’ll be encouraging the team to drive an improvement on. And clearly, with the balance sheet, the M&A activity has been slow here. This year, we’ve been on a couple of things that didn’t work out — and so we’d like to return to inorganic growth on the M&A side and hope not being a plan that we’ll see that as we go forward.
But again, we’ll be disciplined and that would be an area that I think there will be opportunity. I think there is opportunity for the future, and we’ve got the balance sheet and the cash flow to support that and or share repurchase, if taking advantage, as Julie said it, these valuations at this share price, it’s a pretty high ROI return to our shareholders to be buying shares.
Mig Dobre : Understood. My follow-up is on MP. And I’m struggling a little bit to make sense of kind of what’s going on from a demand standpoint because look, if we’re looking at your orders in the quarter, probably the lowest level of order intake that we’ve seen in several years here. And when I listened to what your European competitors like Sandvik or Epiroc were kind of saying about, say, the processing side of their businesses. They’re kind of seeing softer orders and demand and infrastructure as well. So, I guess maybe an update for you as to sort of what’s going on there? And do you expect demand to actually rebound in 2024? Or should we sort of prepare for this continued gradual order and backlog erosion? Thank you.
John Garrison: So again, backlog, I think, will trend to more normal levels as production levels increase. I think book-to-bill is going to return to more normal levels as our lead times gets to the other thing. Our lead times are still extended in certain product categories. Again, our aggregates business is strong. I mentioned the sentiment in Europe concrete has been strong in the U.S. I called out Fuchs. That’s an area of potential softness. Environmental business though is strong, and it’s offset that. our listing business. We mentioned lifting softness in tower cranes, but real strength in our Franna business down in Australia, they’re booked out for the year. So overall, we’re obviously very cognizant of what’s going on, global business, global diversification and diversification within MP.
I think there’s going to be some puts and takes as we head into 2024. And I would say probably in the North American market, remains strong, given the customer sentiment on this side of the bond, which is much stronger than Europe right now, especially in the U.K. and Germany.
Operator: We have no further questions. I’d like to turn the call back over to John Garrison for closing remarks.
John Garrison: Thank you, operator. It has been a pleasure, and I appreciate all of the kind comments that the analysts had to interact with all of you in the investor community. I look forward to speaking with you over the coming months and introducing Simon as we transition responsibility over the coming months. If you have any additional questions, please don’t hesitate to follow up with Julie, John or Paretosh. And again, as always, thank you for your interest in Terex. Operator, you can disconnect the call.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
