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,
More Quotes from John Devine:
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.John Devine
As we stand today, we don't know what the outcome is for Delphi, that's their call,
John Devine
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,
John Devine
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.
John Devine
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.
John Devine
Without the pension drag, we'd expect to make about 7.50 a share this year, ... We're not excusing the pension expense. But we'll be working through it, we'll get this behind us. Making the 10 (a share target) with the pension drag will be difficult but we're still committed to it.
John Devine
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