General Motors (GM) Presents at J.P. Morgan Auto Conference (Transcript)

General Motors Company (NYSE:GM)

J.P. Morgan Auto Conference Call

August 9, 2017 1:40 PM ET


Chuck Stevens – Executive Vice President and Chief Financial Officer


Ryan Brinkman – JPMorgan Securities LLC

Ryan Brinkman

Okay, the webcast has started. So just like to welcome up to the stage, Chuck Stevens, the Executive Vice President and Chief Financial Officer of General Motors, a true highlight of the conference. Chuck thanks for being here.

Chuck Stevens

Hey, thanks, Ryan. Thanks a lot Ryan, and thanks for the introduction and thanks everyone for being here today. As always and I have to start with this, the content of our presentation is governed by our forward-looking statements. So take a couple minutes to read this when I’m done with the presentation today.

I want to start by saying General Motors continues to believe that we are compelling investment opportunity even more so a post number of the actions we’ve taken over the last number of years culminating in the announced transaction selling Opel Vauxhall, the PSA as well as some others that I’ll touch on later. Our strong execution has driven continuing earnings per share growth, continued EBIT growth, continued margin expansion. And frankly, we continue to expect to see strong performance going forward.

Second we have a very transparent and disciplined approach to capital allocation that we believe is best in industry and I’ll share some proof points on that as we go through the material. We continue to focus on driving cost down really focused on maintaining and improving our investment grade balance sheet and that robust downside protection is going to enable us to perform well through the cycle.

And finally, we believe and I’ll try to demonstrate later that we have a leadership position in the future of personal mobility. So a strong core business today, continuing improving core business today, but also an opportunity to participate in the future growth of the transportation business changes on a go forward basis.

I’ll go deeper into each one of these pillars starting with earnings growth. I think the takeaway from our second quarter earnings and first half results another strong quarter capping off a record first half of the year. If you look at the middle column on this chart starting at revenue $74.3 billion in the first half of the year, up just under $4 billion or 5% on a year-over-year basis.

Importantly, profitability our EBIT adjusted $7.2 billion which was up $600…

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