John Devine
John Devine
allow balance business came confidence degree despite gm half high intense inventory levels maintain production rates reasonably stable volatility
GM has a high degree of confidence in the business despite the volatility in the marketplace and the intense competitive environment, ... GM's inventory levels came down significantly during the first half and are now at appropriate levels. This should allow us to maintain reasonably stable production rates for the balance of the year.
plan
very challenging, but we plan to get it done.
absolutely
There are things we can do. We did one of those today. Is that enough long term? Absolutely not,
clear drop fit plans product
We have product and distribution plans to fit each of those brands, ... I know there's a lot of speculation about what we're doing and that's fine. But I want to be clear we do not have plans to drop any brands.
year
Overall, 2002 will be a very challenging year for the industry,
candidate candidates class forward looking sleeves taking
Robbie is a first class candidate and we are looking forward to him getting his sleeves rolled up and taking on the other candidates on the issues.
above company inside maintain outside signal
It is just above breakeven, but we think it's an important signal inside the company and outside the company that we were able to maintain automotive profitability,
balance cash continue couple dent drain inflation last particular potential result sheet
That's been going up in particular in the last couple of years. It's put a real drain on profitability, cash and a big dent in our balance sheet as a result of that. We think there is a potential for that to continue with health-care inflation the way it is.
believe continue employees encourages focus options stock valuable
We continue to believe stock options are an appropriate and valuable part of compensation that encourages employees to focus on shareholder return,
further realize
We realize you don't think we can do it, ... That spurs us further to get things done.
achieve despite earnings environment objectives tough
We will achieve our 2004 earnings objectives despite a tough competitive environment,
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.
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.
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.