Q4 2013 Earnings Call Transcript

Transcript Call Date 02/06/2014

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the General Motors Company Fourth Quarter 2013 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Thursday, February 6, 2014.

I would now like to turn the conference over to Randy Arickx, Executive Director of Communications and Investor Relations. Please go ahead, sir.

Randy Arickx - IR: Thanks, Operator. Good morning and thank you for joining us as we review the GM Financial results for the 2013 calendar year. A press release was issued this morning and the conference call materials are available on our Investor Relations website. We are also broadcasting this call live on the Web.

Before we begin, I would like to direct your attention to the legend regarding forward-looking statements on the first page of the chart set. The content of our call will be governed by this language.

This morning, Mary Barra, General Motors Chief Executive Officer, will provide opening remarks; followed by a review of the financial results with Chuck Stevens, Executive Vice President and CFO. Mary Barra will then conclude the remarks portion of our call with some closing comments.

After the presentation portion of the call, we will open the line for questions from the analyst community. In the room today we also have Tom Timko, Vice President, Controller and Chief Accounting Officer; and Jim Davlin, Vice President, Finance and Treasurer to assist in answering your questions

Now I will turn the call over to Mary Bara.

Mary T. Barra - CEO: Thank you, Randy and thanks to everyone for joining the call today. Through a lot of hard work, the GMT have made the business stronger than it was just one short year ago. You've all read the headlines so I don't need to repeat them here. Suffice to say, during the last 12 months, we received a flurry of great news from Moody's, J.D. Power, Consumer Reports, the Automotive Leasing Guide, (the Media) and more. All of this momentum helped pave the way for GM to rejoin the S&P 500, achieve an investment grade rating, declare a common stock dividend and report record earnings in North America. These are all important milestones, but they are just that, milestones.

We have more work to and our sense of urgency will not let (out one bit). Our plan remains the same. We need to operate profitably everywhere we compete, deliver compelling design, excellent quality and a great ownership experience, strengthen and grow our brands, further strengthen our fortress balance sheet and generate the kinds of financial returns that earned a confidence of our long-term investors.

Alright, let's turn to Slide 2 and take a closer look at our 2013 financial results. To start, we delivered a record 9.7 million vehicles, which is up 4.5% from 2012. Deliveries in the United States and China combined increased by more than 0.5 million units, although this was partially offset by declines in other markets, including Europe, parts of South America, and in our consolidated international operations.

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