June 5, 2014 / 6:09 PM / 4 years ago

BRIEF-GM says ahead of previously annoounced target for 2014 profit, excluding recall costs

DETROIT, June 5 (Reuters) - General Motors Co CEO Mary Barra and CFO Chuck Stevens on conference call with analysts: * Says “no meaningful impact” on N. American sales due to switch

recalls-company slides * CEO Barra says could have addtional recall related charges in Q2 but don’t

know yet how much that could be * GM reaffirms earnings before interest and taxes on adjusted bassis excluding

recalls will be greater in second half than first half-company slides * GM says believes it is on or ahead of previously disclosed plan to deliver

modestly improved 2014 EBIT adjusted results on a year over year basis

excluding recalls-company slides * SGM sys to return to profits in europe by mid decade — company slides * CEO Barra says company targeting European market share of 8 percent and

EBIT-adjusted margin of 5 percent by 2022 * CFO Stevens says addtitional recall costs in Q2 will not be material * CFO Stevens says product rollouts and capital plans at the company will not

be affected by the recalls * CFO Stevens says Europe continues to perform better than anticipated * CFO Stevens says China continues to perform better than the company expected * CFO Stevens says North America is on company plan * CFO Stevens saays no change to capital allocation plans or plans to redeem

the company’s series a preferred stock * CFO Stevens says expects to set cost of compensation plan by end of Q2, will

be treated as special, one-time item * CFO Stevens says will adjust charge for compensation plan after Q2 as needed

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below