John Devine
John Devine
further realize
We realize you don't think we can do it, ... That spurs us further to get things done.
continue economy industry last lose money primarily weaker year
We'll probably continue to lose money, primarily because the industry is going to be weaker this year than last year, ... We don't think the economy has bottomed out yet.
achieve despite earnings environment objectives tough
We will achieve our 2004 earnings objectives despite a tough competitive environment,
america area costs drag good healthcare increasing last loss north profits progress projected reducing several vulnerable
While we have made good progress in reducing costs over the last several years, the projected loss in North America reinforces our need to do much more, particularly in the area of healthcare, ... Healthcare has been an increasing drag on North American profits and it's made us vulnerable to profit shortfalls.
year
Overall, 2002 will be a very challenging year for the industry,
believe company growth opportunity
We still believe in growth of the market. We still believe we're going to need our capacity, ... This is still a very important opportunity for the company and we don't want to be slow.
bad earnings great quarter relative volume
It's not a great quarter from an earnings standpoint, but relative to the volume adjustment, we think not a bad one.
cost cutting growing looked tough
The cost reductions we've looked at are very tough to achieve. We're not doing it by cutting and slashing the business. We're growing it, doing the right things strategically and we're still getting the cost out.
america south wrong
In South America we're going in the wrong direction,
cash clearly flow pensions planned
Clearly we are going to have to put more of our operational cash flow into pensions than we'd like or we had planned earlier,
clear data stronger
It's clear from the data we're getting the disadvantage of some stronger headwinds,
good reach start sustain work
It's a good start on the $10 number, but we have a lot of work to do to reach it and then sustain it,
business financial good level pleased quarter record services work
It's a good quarter. Good progress. We're not at a level yet in the automotive business that we're pleased with, so we have a lot of work to do. But we had another record quarter in financial services and a record year.
above acceptable certainly nice overall pleased results
It's nice to be above expectations, but we're certainly not pleased with the overall results. They're not acceptable results in our view. We have a lot more to do.