Because the summer always slows down. There’s not a whole lot of activity in France and Germany in particular in August. So, September is when things start to come back on and we’ve got our normal winter campaign.
Brian Regan: And I’d just say, just adding to that from a longer-term standpoint, I mean, I think we’re excited that there are housing shortages all across Europe. So, from a long-term standpoint, I think the business is good for us. It’s just when it’s going to come back.
Larry Stavitski: Got it. Thanks a lot for your time, guys.
Brian Regan: Thank you.
Operator: Your next question comes from the line of Tami Zakaria from Manitowoc. Please go ahead. Your line is open.
Aaron Ravenscroft: Good morning, Tami.
Unidentified Analyst: Hi, this is Alex.
Aaron Ravenscroft: Good morning, Alex.
Unidentified Analyst: Hi, this is Alex on for Tami. Thank you for taking the question. Hey, I was wondering if you could provide further color on sort of price and cost for 2024, given current conditions and power demand I’m assuming continued added pressure from Chinese competition in the Middle East. The Japanese yen remains the week at 1.50 and the cost side, so do you expect labor and elevated high strength yield prices to remain a challenge for 2024?
Brian Regan: Okay. So, talking about price to cost, I’d say we’ve — the answer is yes and no, in terms of normalization, we’ve sort of gone back to normal, let’s say. but I think you pointed out many of the key points there. So, in the United States, when you’ve got competitors shipping in, when the Yen’s 1.50, there’s going to put competitive pressure out there, as well as steel prices. I mean, the reality is the current tariffs on steel are not favorable for U.S. manufacturers. You got steel in Europe is one third less than it is in the United States. So yes, I’d say that within the U.S., there’s some, there’s still pretty competitive as competitive it’s been. And so until the strong dollar starts to turn the other way, I think we’ll continue to have that pressure.
In Europe, it’s more just about demand, given that demand is so low for tower cranes. But I wouldn’t say there’s anything irrational there. And in terms of Chinese competition, that’s I’d say mostly in the, in the Middle East and Asia-Pac for us. And it’s been tough, but in most instances, either folks are willing to take Chinese or they’re not. And if they’re not, then it’s our normal sort of competitive advantage. There are competitive situations. in terms of headwinds, so I think labor has flattened out. I mean we took a lot of actions last year relative to what our labor rates were. And in terms of steel, I don’t think much really changes. I mean, we still have this dynamic, where the U.S. with the current tariff situation is at a disadvantage to all the other major regions for manufacturers.
Aaron Ravenscroft: I’d say the labor inflation normalizes, there’s still some, but…
Brian Regan: Yes.
Aaron Ravenscroft: It’s normal going into ’24.
Unidentified Analyst: Okay, thanks. that’s super helpful. And just a quick follow-up, I’m just curious, just sort of when we look at back at 2023, were there any share shifts in your view, either geographically or product wise that would be noteworthy?
Brian Regan: No, not dramatic. I mean, team’s done a great job with the mobile cranes in Europe with some of the new product launches we had, nothing dramatic. but we had some gains there in the United States, I’d say it’s all pretty steady.
Unidentified Analyst: Okay, understood. Thank you so much. I’ll pass it on.
Brian Regan: Thank you.
Operator: [Operator Instructions] And there are no further questions at this time. Mr. Warner, I’d turn the call back over to you.
Ion Warner: Thank you. Before we conclude today’s call, please note that a replay of our fourth quarter 2023 conference call will be available later this morning by accessing the Investor Relations section of our website at manitowoc.com. Thank you, everyone for joining us today and for your continuing interest in The Manitowoc Company. We look forward to speaking with you again, next quarter.
Operator: This concludes today’s conference call. Thank you for your participation and you may now disconnect.
