Weyerhaeuser Co Earnings Call Nuggets: WRECO Consumer Behavior and Weather Impact
WRECO Consumer Behavior
Gail Glazerman – UBS: I guess you talked about in WRECO seeing strength in June, business busier than May, I’m wondering if you can give a little bit of perspective on July. With interest rates rising, have you seen any sort of changes in consumer behavior in WRECO?
Daniel S. Fulton – President and CEO: We have not seen any significant changes in behavior, Gail. The thing that was noteworthy about June was, as we look at the pattern of sales, it was noteworthy because normally we see some summer slowdown. But in fact, June being stronger than May, it was the first time that’s happened since 2005. And so to me that is evidence that we are on a path of this longer-term recovery. If you think about where housing starts are today as compared to long-term trend levels, we’ve got a long way to go. And so, we should expect to see stead improvement in it. So, we are breaking some of these seasonal patterns and that’s a good thing.
Gail Glazerman – UBS: And just one other quick question. Patty, the Wood Products guidance for the third quarter, are you assuming that the recent price improvement in OSB and lumber continues or is it kind of based on current levels of pricing?