Nov. 10, 2010 online at www.uawlocal2250.com
If you haven’t picked up your Suggestion gift, you can go to Suggestions and see Pat Workman between 8 am and 11 am through Friday, Nov. 12. After that you can call 2308 to make an appointment. Also, anyone who was called back last week or Monday is eligible for a gift.
If you haven’t gotten your flu shot please stop by medical during breaks and lunch. If you did not sign up but are now interested in receiving a shot, there are still shots available. The deadline to receive a shot will be Friday, Nov. 19.
General Motors Company today announced that for the third quarter ending September 30, 2010, the company generated:
o Revenue of $34.1 billion
o Net income attributable to common stockholders of $2.0 billion
o Earnings per share on a fully diluted basis and adjusted for 3-1 stock split of $1.20
o Earnings before interest and tax (EBIT) of $2.3 billion
o Net cash flow from operating activities of $2.6 billion
o Free cash flow of $1.4 billion
"As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer. GM North America had EBIT in the third quarter 2010 of $2.1 billion, up from $1.6 billion in the second quarter. GM Europe had a loss before interest and taxes of $0.6 billion, down from a loss of $0.2 billion in the second quarter. GM International Operations posted EBIT of $0.6 billion, down from $0.7 billion in the second quarter. Net cash flow from operating activities was $2.6 billion and after adjusting for capital expenditures of $1.2 billion, free cash flow was $1.4 billion. GM expects to also report positive EBIT for the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, and profitable year-end results for calendar year 2010.
The monthly report from van Marketing Manager Andrew Reyntjes is on the back:
We had a strong month and exceed our retail and fleet objectives for Express and Savana. Our segment share for October increased from last month by 3.81 percentage points as we claimed 43.7% of the segment. CYTD we are down 3.4 percentage points from last year to claim 38.3% of the fullsize van segment CYTD. Our retail sales incentives have been responsibly adequate and are targeted to eliminate prior model year stock due to the late model year changeover.
We have been successful in being included in corporate incentive initiatives, although not always included or mentioned in corporate advertising that relates to them. We are presently working on a strategic advertising initiative that aims to utilize various digital footage and assets to maximize our exposure to the many features of our vans. We are approaching this in a way similar to the way that we approached the photography in our Marketing catalogs and materials. Like photography, commercial quality advertising footage has not been updated or created in several years (probably over a decade). Dealer training materials are being launched to include appropriate bin package upfits and we are also in the process of providing a web-based dealer training module. Many other assets are being updated now that new photography is available to use. It is amazing how many groups have been waiting for a simple investment in digital assets. In the near future we will be acquiring a mobility van to support our sales initiatives in this area. It is a large opportunity. We just won a state-bid for mobility 15 passenger vans due to the quality of our mobility upfitter, the safety features of our van and the fact that we offer E-85 as an alternative fuel. This award is capable of yielding several hundred profitable mobility vans for this year and into the future. We are also working on winning another passenger van account of several thousand units, some of which will be mobility, With this said, the present lack of availability of OEM running boards on our passenger vans is a major obstacle.
Next month we will have a large presence in the "Main Street in Motion" event managed by GM. You may recall a similar event called "Autoshow in Motion" from a few years ago. In this initiative we are going to make sure that vans and other commercial vehicles will be available to drive for any small business owners attending the event. We will have displays, giveaways, test drives, media, and targeted in-market invited customer intenders. We are also continuing our partnership with Chevrolet racing due to the natural blue-collar vocational alignment of the customer base. As well as featuring upfit Express vans in the display area we are now involving our dealer network at these events with sales competitions and special rewards for key customers and high van sales performing dealers.
In all it is very exciting to get some energy behind our vans and to exceed our objectives once again. It is also very gratifying to do so with a product that has had little divisional or engineering or design support compared to other GM vehicles , including launch vehicles, that we outsold and outearned on a contribution margin basis.
We have our challenges coming. Transit-connect continues to sell and we have no answer in market at this time. Fleet seasonal demand is dropping and we need to rely on our dealers to take more retail production in the next consensus cycles. The new Nissan van launches in Q1 and share can only really be taken from us or Ford as the only 2 segment players. We expect the Nissan to be launched as a 2012 model. The GM 2012 vans will have no new retail content other than a new corporate gas cap!!, this is disappointing and makes the task of trying to keep this 15 year old vehicle fresh a significant marketing challenge.
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