“We do expect a strong fourth quarter for Construction Industries on top of a strong performance of STUs in the third quarter.”

In context

“Joe, just on your earlier comment on Construction Industries and the guidance for machine dealer inventories to finish the year flattish. I mean, I believe Q4 last year, there was a destock over $1 billion, close to $1.6 billion. You're expecting retail sales to be positive. They've been positive. Just -- are we -- is Construction Industries exiting this year? In Q4, are we up double digits as we exit this year in Construction based on where the inventory levels are, what you're seeing on retail sales? And just a follow up on that, the merchandising program, you're explaining it a success. Should we be thinking that pricing headwind is neutral as we exit the year? Or it just starts to kind of narrow at a notable pace? Just any direction would be helpful there. Andrew R. J. Bonfield: Yes. We do expect a strong fourth quarter for Construction Industries on top of a strong performance of STUs in the third quarter. That would be because, as you quite correctly point out the absence of that deal inventory decrease that we saw last year of around $1.6 billion in machines, which obviously impacts both Resource Industries as well as Construction, although the vast majority was in Construction. So I think that's a reasonable assumption you're making with that regard. As far as price is concerned, effectively, the merchandising programs really started to kick in, in the third quarter of last year. So we are starting to lap that. That's why it's starting to decrease, while we're expecting it to halve in the third quarter. We expected that to narrow further in the fourth quarter. There will still be some impact in the fourth quarter, and there will still be some drag through into 2026, subject to any other”