Eddie Ingle: Yes, I would say in the US, where we had a particular problem, the inventory has flushed through. In Brazil, it’s going to – because we have a longer supply chain, it does take a little bit longer. And their profile, we saw the impact in the high price inventory in Q1 in the US, which we flushed out in Q2. They saw really the margin pressures because of their raw material costs, really impacted in Q2, and we’re coming out of that as we move through Q3. So, we feel quite good about that in both regions. In China – in Asia, we haven’t had that situation occur.
Anthony Lebiedzinski: Got it. Okay. Yes, thanks for that. And then as far as Asia, as far as what you’re seeing there, we’ve heard from other companies that many companies have taken more extended periods of shutdowns around the lunar New Year. So, is that really what, what’s, what’s happening here, and are you seeing any signs now that I think we’re just past the lunar new year, that things have picked up?
Eddie Ingle: Yes. So, two comments on that. You’re right. A lot of our, not just suppliers, but also our customers, did take extended shutdowns in January, and the lunar new year was early also. So, and along with the number of people that are out in the workforce, even if you wanted to get some stuff made, it was sometimes difficult to get it made. We are seeing in February – we’re only just a week past the lunar holiday. The signals we’re getting are quite good. There’s huge demand for REPREVE. The innovative products we have over there are certainly garnering some new interests. When we make product in Asia in February, there’s usually a six-month lag. So, we know that companies, brands, and retailers, are going to be gearing up for fall sales, and they’re going to start placing orders in the February, march timeframe.
And we have seen reductions – we’ve heard on the street that there are reductions in inventories. There’s still some work to do at the brand and retail level, but they’ve certainly made a lot of changes to their inventories over the last six months. They’ll continue to do that over the next six months. But they need to order now in Asia to meet the demand they’re going to have for fall and for Christmas. Thank you.
Anthony Lebiedzinski: Got it. Okay. Yes, thanks for that. And then, so in the quarter on a consolidated basis, your price mix was up 4.5%, but you talk about material costs stabilizing. So, what is your confidence level as far as your ability to hold pricing, or do you think that perhaps given the current weak macro environment, that you may have to adjust your pricing because of competitive pressures perhaps?
Eddie Ingle: It’s a question that we ask ourselves all the time. We are very strategic in how we’re pricing. It’s always a balance between volumes and the opportunities. But we are being very thoughtful around pricing, and I think we’ve made changes to how we approach the market, which are very different from how we used to approach the market several years ago. So, I will tell you, we’re being very thoughtful and we’re being considerate to our customers. At the same time, we are waiting for volumes to come back, which will allow us to be a little more strategic in our pricing.
Anthony Lebiedzinski: Understand. Okay. And then last question. So, obviously I realize that you’re very heavily tied to the apparel markets, but that being said, just curious as to what you’ve seen from other vertical markets. Is it similar downward trend that you saw in the quarter, and do you think with this current macro environment that we’re in, will this make it more difficult for you guys to expand beyond apparel?
Eddie Ingle: Yes. So, I think everybody in the US were trying to reduce their inventories as they went through December. So, we saw a lot of that destocking taking place, orders being canceled as people were trying to manage their cash through the quarter. Some of the markets we’re chasing beyond – what we call beyond apparel, would be home. We have seen some nice interest coming out of the holiday season in mattress. We have seen an uptick in some demand in automotive. And I think there are two things. One is, they’ve gone past their inventory targets that they wanted to achieve, but also there is some uptick in some demand in some of those different markets. And we are still very focused on beyond apparel, on trying to be less dependent, particularly in the US, on some of the apparel markets that we service.
Anthony Lebiedzinski: Got it. Well, thank you very much and best of luck.
Operator: And we will take follow-up questions from Daniel Moore with CJS Securities. Your line is open.
