Tim Wojs: Okay, okay. Got you. And then just, just maybe on ETANCO, I know just with the environment in Europe, I think it’s – you’ve kind of pushed out some of the synergies there. But is there a way to maybe give us an update on kind of where the synergies kind of stand, in terms of maybe what’s been captured and kind of compare that to what your initial targets were?
Brian Magstadt: Yes. So when we look at ETANCO, overall, we’re still pleased with how things are developing. Again, we very much like their business model. Relative to the market, they’re doing fairly well at ETANCO, so we’re happy with that. Some of the synergies that we’re working on from a defensive perspective, we’ve realized a couple of smaller ones, more to come on the bigger ones over the next couple of years. The offensive synergies we’ve started all the cross-selling efforts, we’ve got things in place to make that happen. We’re rolling those out now. We’ve been a little bit slow, Tim, on investing in some of the things that drive offensive synergies because we’re very much trying to balance short-term profitability with the longer-term plan.
So that’s why we’re kind of – we’re managing it that way to make sure that we also have good development of operating margin in Europe. And you see that in our European business where we’re 400 basis points above year-over-year in Q3 operating margin.
Tim Wojs: Yes.
Michael Olosky: That was certainly some of the charges we had last year. We’re not in there. So on a like-for-like basis.
Brian Magstadt: Yes, like-for-like.
Tim Wojs: Yes. Yes, perfect. Okay. And then just the last one, just some of these – some of the share gains that, that you’re kind of calling out in terms of the conversions of steel dealers and component dealers and things like that. I mean, is there any, sort of kind of consistent driver of why, you’re able to kind of accrue those share gains? Is there any, yes, specific reason or it’s all just kind of a bunch of smaller things that have kind of added up in the share gain?
Brian Magstadt: Tim, I think it really comes from our people and our, our strong business model. I mean, we’ve got people that are experts in the field, they’re long term partnering with the customers. We’ve got a great business model. We’re driving specifications. We’re training a bunch of people. You add all that up with superior customer service, and it’s just helping us pick up these customers one at a time, and that continues to be a focus for us.
Tim Wojs: Okay. Okay, good. Well, good luck on rest of you guys. Thanks for your time.
Brian Magstadt: Thanks, Tim. Thank you.
Operator: Our next question comes from Kurt Yinger with D.A. Davidson. Please proceed with your question.
Kurt Yinger: Great. Thanks, and good afternoon, everyone. Mike, you had talked about, in the first half of next year, starting to think things would soften a little bit. Are those comments just what you’re hearing from your builder customers, or is that customers in some of these different market segments and cohorts as well?
Michael Olosky: Yes, it’s across the board. So certainly since 50% of our business is linked to the residential market, that’s got the biggest say in it. But when you look at these other markets, plus or minus, again across the board, first half, we see weakness. And I think a lot of that is really just driven by the uncertainty associated with the current economic environment.
Kurt Yinger: Okay. Makes sense. And then I just wanted to go back to the conversation around component manufacturers. And I guess, can you maybe just frame how you think about the current opportunity set because it is a very large market and one where you guys don’t have a ton of share at the moment? And then I guess separately, are, are the customers that you’re converting and winning over are those moving to like a dual source model, or is that single source with Simpson for some of those truss plates?
