2003 Ford F-250 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.

Shelby Mustang stars with Ethan Hawke, Selena Gomez in Getaway movie

Car movies. We keep watching them, they keep making them. Despite Fast & Furious 6 still blowing up the box office (No. 1 in theaters for the second straight week) and production on Transformers 4 being well underway (check out the Bugatti Veyron and Corvette Stingray as new cast members), there's still room on the marquee for more car movies. Next one up is an Ethan Hawke joint called Getaway, which prominently co-stars a Ford Shelby GT500. The first trailer for Getaway, which opens in theaters on August 30, was released yesterday and can be watched below.
The movie's plot centers around Hawke's character, former race car driver Brent Magna, who must somehow use this car, what appears to be a generation-old Shelby GT500 Super Snake he "commandeered," to save his wife. The movie's third co-star is Selena Gomez, whose character we're told is the owner of said Shelby. A 20-year-old having a car like this seems a bit far-fetched - especially in Europe - and on paper, this plot looks like it cribs liberally from Charlie Sheen's 1994 The Chase. But all we've got to go on is a brief plot description and the trailer below, so we'll withhold judgment until the studio firmly has our ticket money in its grasp.
The Shelby GT500 is, of course, no stranger to acting. Before this jump to celluloid, the most fearsome of all Mustang models starred in the return of Knight Rider to television on NBC back in 2008. That gig didn't pan out for the car, the show lasting only one season and 17 episodes. In fact, with its casting in Getaway, the Shelby GT500 is one of the few actors who escaped that debacle with a future in show biz.

This woman owns the first Ford Mustang sold in the US

As Ford celebrates the 50th anniversary of the Mustang with the unveiling of the all-new sixth-gen design, one Chicago women can lay claim to a piece of Mustang history. According to CBS Chicago, Gail Wise was the first person in the US to buy a Mustang in 1964, and she did so two days before the car was even unveiled to the public.
Wise, then a 22-year-old teacher, went into the Chicago Ford dealership wanting to buy a convertible, and a salesperson ushered her over to car covered by a tarp. That car was a baby blue Mustang convertible, which she still owns today - along with the documentation. After sitting for almost 30 years and undergoing a full restoration, the car now looks to be in original condition. The report says that this $3,400 purchase could be worth anywhere between $100,000 and $250,000. While this worked out well for Mrs. Wise, we wouldn't recommend anyone going into a dark, back room of a dealership hoping to get a jump on the purchase of a 2015 Mustang.
Scroll down to watch the video report.