2002 Ford Escape Xlt Sport Utility 4-door 3.0l on 2040-cars

Auto blog

Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.

Toyota fears supplier pressure in Australia with GM pull out

With Ford and General Motors both announcing an end to production in Australia, the country's auto industry is in a bad way. With the exit of two big players, there's increased concern that a third Australian manufacturer, Toyota, will be forced out, as well.
"We are saddened to learn of GM Holden's decision. This will place unprecedented pressure on the local supplier network and our ability to build cars in Australia," Toyota Australia said in a statement. The GM closure of Holden production will be the direct end to 2,900 jobs, but will also force a dramatic reduction in the size of the country's supplier network, as there will simply be fewer cars to build.
In the same statement, Toyota Australia said it would work with suppliers and local government to figure out whether continuing production Down Under was even feasible. According to Automotive News, a representative for the Australian Manufacturing Workers' Union told reporters it was "highly likely" that Toyota would also close up shop within the next few years.

Ford leads top searched-for car brands on Google in 2014

With less than two weeks until 2014 takes its final bow, anyone and everyone is looking back on the past 50 or so weeks to see how they stacked up. For search giant Google, that means its time to check out its annual Trends report. Besides the most popular search term (the late, great Robin Williams), the most searched for gadget (the iPhone 6) and most searched for disease symptoms (quite worryingly, Ebola took the crown here), we have the most searched for automaker. With the long-awaited sixth-generation of one of America's most iconic vehicles, the Mustang, and a ground-breaking update for the US market's perennial best seller, the F-Series, it should come as no surprise at all that Ford was Google's most searched for automaker in 2014. Jeep captured second place, while Dodge, took third. We suspect introducing a pair of cars with 707 horsepower had something to do with that bronze medal... Scroll down to see the rest of this year's most searched for automakers, and then head into Comments and let us know if you're surprised by any of these. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2015 Ford Mustang: First Drive View 55 Photos News Source: Google via AutoGuideImage Credit: Copyright 2014 Drew Phillips / AOL Dodge Ford Jeep Technology