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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.

Next-gen Ford Cobra Jet development underway, but will it be a Mustang?

Ford might be stepping away from the NHRA, but it isn't abandoning drag racing altogether. Hot Rod says that Ford confirmed a next-gen Cobra Jet factory drag racer is in the works, but the report also speculates that a new Cobra Jet could switch away from the Mustang nameplate.
Even though talk of a new Cobra Jet coincides with the all-new 2015 Mustang, the lack of confirmation for the dragster's platform leaves Hot Rod to guess that the car might switch to another platform - specifically a front-drive-based, unibody car like the Fusion or Taurus. We'd hate to think of a world with a NASCAR-ized dragster from Ford Racing, but it's also highly unlikely that the Mustang Cobra Jet would step away from its quarter-mile rivals like the Chevy COPO Camaro and Dodge Challenger Drag Pak.

2015 Ford F-Series Super Duty Power Stroke

What weighs 30,000 pounds? Big Ben's Westminster bell. A navy ship anchor. Or as we found out during our first drive program for the 2015 Ford F-Series Super Duty, seven pallets of cinder blocks loaded onto a dual-axle gooseneck trailer. The test was part of a raft of towing demonstrations that showcased the new Super Duty's impressive tug capacity, which maxes out at 32,100 pounds. That's 1,200 more than its nearest rival, the Ram 3500, when equipped with its upgraded 6.7-liter Power Stroke diesel V8. Such is the heavy-duty pickup truck business, a diesel-fueled game of one-upmanship with only three players: Ford, Chevrolet/GMC and Ram. And in this game, the one with the most torque wins.
Until 2014, Ford was the one to beat, with its 6.7-liter Power Stroke diesel bringing 400 hp and a massive 800 lb-ft of torque to the table. Then last year, Ram did exactly that, serving Ford with a beefed-up Cummins turbodiesel inline-six in its freshened Ram Heavy Duty truck line with 385 hp and 850 lb-ft of torque, enabling it to tow up to 30,000 pounds. But Ford claims it had designed its engine to be relatively easy to upgrade when the time called for it, so for 2015, Ford bolted a larger turbo to the Power Stroke, bringing output to an insane 440 hp and 860 lb-ft of twist, all without reducing fuel efficiency. Maximum tow capacity rises from 24,700 lbs to an incredible 31,200 lbs for the F-450 dually.
As for GM's HDs? They lag behind the lot with their 6.6-liter Duramax V-8, producing 397 hp and 765 lb-ft of torque. Yeah, you know things are serious when the trucks with 765 lb-ft are the knock-kneed wimps of the lot.