Sync Shaker Heated Leather Seats Full Power Options Power Convertible Excellent 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.

eBay Find of the Day: Mk1 Ford GT40 with interesting history

You might expect a rare Ford GT40 to cross the block at some sort of prestigious auto auction from RM or Gooding, not show up on eBay for over $2 million. However, that's exactly what we have here. The seller claims the car is a late-build Mk1 GT40 from 1969, and it's currently owned by the director of the Hublot watch company in Switzerland.
According to the listing, GT40 #P1108 started life as Mk1 car that was built from factory spares in 1969 and was first sold in 1971. However, the auction is somewhat confusing. According to an image in its gallery, the vehicle was actually built from one of the seven spare Mk3 tubs when production of the iconic racers ended.
This GT40 was never built as a racecar - it lived on the streets its whole life. After assembly finished, it was sent to Germany and was eventually registered for the road. The first owner kept the car until 2005 and sold it with 7,300 miles on the odometer. The current owner bought it in 2012.

NHTSA investigating 500k Ford and Mercury cars for lighting failures

The Ford Crown Victoria and Mercury Grand Marquis might be long gone as new models in showrooms, but the National Highway Traffic Safety Administration might check them out yet again for a potential problem. At the urging of North Carolina Consumers Council, the agency may open another investigation into the front lighting control module on vehicles from the 2003-2005 model years, and NHTSA estimates the issue could affect 517,945 vehicles. If the module stops working, it can cause a complete failure of all forward lighting, including the headlights. NHTSA previously investigated the issue in 2008 and 2009 but found no need for a recall, according to Bloomberg. Ford also extended the warranty on the part to 15 years or 250,000 miles. To prompt this new request, the North Carolina Consumers Council received a letter from a woman experiencing the module's failure. Upon further investigation, the council found 604 complaints of this problem on NHTSA's website, including seven crashes. Furthermore, the group has alleged that dealers told customers that the parts to perform the replacement weren't available, despite the extended warranty. According to the government agency, "A defect petition has been opened to evaluate the issue and make a grant or deny decision." Ford spokesperson Kelli Felker tells Autoblog via email, "We will cooperate with NHTSA, as we always do." You can read the council's complete letter to the Feds in PDF format, here. INVESTIGATION Subject : Loss of headlamp/exterior lighting Date Investigation Opened: APR 01, 2015 Date Investigation Closed: Open NHTSA Action Number: DP15002 Component(s): EXTERIOR LIGHTING All Products Associated with this Investigation Vehicle Make Model Model Year(s) FORD CROWN VICTORIA 2003-2005 MERCURY GRAND MARQUIS 2003-2005 Details Manufacturer: Ford Motor Company SUMMARY: The Office of Defects Investigation (ODI) has received a petition from the North Carolina Consumers Council, Inc. requesting a defect investigation of an alleged defect condition resulting in headlight and/or exterior lighting failure on 2003-2005 Ford Crown Victoria and Mercury Grand Marquis vehicles. The petition letter is attached for review. The petitioner alleges a defect in the lighting control module that powers the headlights which can result in the loss of vehicle headlights and/or all exterior lighting while driving. ODI has previously investigated this issue under PE08-066 which was closed without a defect finding.