“Our guide is also supported by an order book for earthmoving equipment that extends out approximately 4 months into the fourth quarter.”

In context

“s quarter. Earthmoving end markets remain largely unchanged quarter-over-quarter, while road building has seen some minimal shifts in North America, albeit remaining at strong demand levels. . Josh Beal, can you give us a little more color on this part of the business and what we should expect for the balance of the year? Josh Beal: Definitely, Josh. The key takeaway for the quarter is what you noted, minimal change at healthy levels of demand. As we've noted on previous calls, we expected some decline year-over-year unrelated to end market demand as we build less inventory this year relative to 2023. While contractor backlogs remain healthy and utilization at sustainable levels, we've seen rental CapEx come in, in our new and used inventory levels currently around long-term averages. Our guide is also supported by an order book for earthmoving equipment that extends out approximately 4 months into the fourth quarter. The only other point I'd highlight is around pricing. In addition to strong demand, we're also seeing strong competition, bolstered by industry inventory levels that have recovered and a shift in the competitive landscape with a stronger U.S. dollar. However, we remain committed to a disciplined approach that balances both market share and price. Overall, our earthmoving and road building segments continue to deliver structurally better financial performance than we've seen historically. Josh Rohleder: Thanks, Josh. That's a great update. And before we open the line to questions, Josh Jepsen, any final comments? Josh Jepsen: Certainly. It was a good second quarter with strong results to round out the first half of the year. Despite a dynamic global ag market and competitive construc”