Greif Class A Earnings Call Insights: Guidance Details and Financial Metrics
Phil Gresh – JPMorgan: This first question I want to clarify is from the commentary around the guidance. I think, there was a mention that you’re comfortable towards the high end of the EBITDA guidance range but I want to clarify that because it sounded like some of the commentary was a little bit more cautious to the commentary on the ag season, some of the commentary around the ag season, some of the commentary around just – trends on the flexible side, on the cost side of equation still, so, just wanted to get your kind of updated thoughts and specifically around the ag season. Is it truly a delay in some of your fiscal year timing as well that factors in or is it actually, do you think it’s playing out worse than you thought?
David B. Fischer – President and CEO: So, for the comment on guidance, if you harken back a year ago, we gave guidance ranging from $450 million to $500 million of EBITDA and subsequent to the last quarter’s call, we narrowed that to $475 million to $500 million. So, relative to our original guidance, we still believe we’re on track to achieve the upper end of the original guidance and as far as the narrowing of the guidance to $475 million to $500 million, we believe will be solidly in the middle range of that guidance as we look forward, despite the weak food season, which as you know is always stronger in our third and fourth quarters. As far as the food season goes, it’s surprising to me to see that the effects of the North American food harvest being A, late and B, weaker are somewhat similar to Southern Europe and even in the Middle East for things like mangoes, the harvest season for food will not only be delayed and some of that will be pushed into our fourth quarter, but some of that will also, I believe, be weaker because of things like the curly top tomato virus, which I’ve learned more about than I probably ever wanted to understand. That significant event to the West Coast to United States plus some weather conditions in Southern Europe, I think are going to make the yields lower than we expect, certainly lower than 2012. So, this food season seems to be lining up to be a weak one.