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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.

2019 BMW X7 vs luxury SUV rivals: Comparing specs and photos

Today we get our first-ever look at the first-ever 2019 BMW X7 crossover. We've actually already had our first-ever drive in an X7 Prototype. And so, we thought it appropriate to follow that up today with the first-ever X7 comparison of specs between BMW's first-ever three-row crossover with legitimate room for seven and its many high-dollar competitors. On paper, the 2019 X7 definitely seems to most closely align with the Mercedes-Benz GLS-Class. Their similar dimensions, interior space, engine choices and price would certainly imply where BMW placed the target when developing X7. We used those same elements to determine three-row vehicles likely to be cross-shopped or that should be cross-shopped. These include the Audi Q7, Land Rover Discovery, Volvo XC90 and Lincoln Navigator. Yes, the latter is a truck-based SUV as opposed to a crossover, but tell that to all the people lining out the door at the local Lincoln emporium. They do not care, and neither shall we. We also included the 2019 BMW X5, which was completely redesigned for this year and therefore not the first-ever. That makes it less appealing? Either way, lining the new X5 up with the SUV that leapfrogs it atop BMW's SUV hierarchy should provide a good idea of just how much more you get by going up a model number. Engines and model lineup Again, the X7 aligns closest with the GLS, offering a base six-cylinder in its xDrive40i model and an upgrade turbo V8 in the xDrive50i. The Mercedes engines have greater output, but the GLS still accelerates slower than the BMW. As the 2019 X5 offers the exact same engines, we would also expect the X7's fuel economy to be superior to the GLS once its estimates are announced. It should be noted, though, that the GLS offers a high-powered AMG model whereas we anticipate the X7 to offer a plug-in hybrid model comparable to the X5 upcoming xDrive45e model. The other luxury SUVs diverge in their engine choices and model lineup. The Audi Q7 offers a base turbocharged four-cylinder, as does the Volvo XC90 in its T5 model, which we left out of the above chart entirely for space reasons. That the Q7 3.0 TFSI supercharged V6 gets the same fuel economy estimates as the four-cylinder is proof positive that engine is purely around for its lower base price.

2020 Lincoln Aviator crossover is a hot rod with 400 horsepower standard

LOS ANGELES — The 2020 Lincoln Aviator has finally been revealed in production form following its "concept" debut at the New York Auto Show earlier this year. We add the quotes because the production model is identical to the New York model. Appearances aside, the big news is under the hood. At launch, the Lincoln Aviator will be available with two engines. They're both twin-turbocharged 3.0-liter V6s, and one of them is a plug-in hybrid. The standard engine makes an impressive 400 horsepower and 400 pound-feet of torque. To help put that into perspective, that's about 40 more horsepower than the top-rung six-cylinder Mercedes-Benz GLE 450 we just drove, and about 65 more horsepower than the entry-level six-cylinder BMW X5 xDrive40i. Moving to the hybrid powertrain brings Aviator output to 450 horsepower and a staggering 600 pound-feet of torque. That's just 6 ponies shy of the V8-powered BMW X5 xDrive50i, but 121 more pound-feet of torque. This plug-in hybrid powertrain will also be able to do the typical plug-in stuff. You can run the vehicle in pure electric mode or hold the charge to be deployed at a more advantageous time such as driving in town at the end of a highway drive. Lincoln did not give estimates for the pure electric range. Fuel economy hasn't been revealed yet, either. Other interesting hybrid notes: The battery fits entirely under the passenger side of the vehicle between the front and rear wheels. The motor is sandwiched between the engine and transmission. Lincoln also mentioned this is a modular hybrid system, so expect to see it appear in other Lincoln and Ford products in the future. This powertrain layout is part of what makes it possible for all versions of the Aviator to use the same 10-speed automatic transmission, which is gradually proliferating through the whole Ford family. From there, power either goes solely to the rear wheels, or through an optional all-wheel-drive system. All of this power can ride on an available adaptive air suspension the company calls Air Glide. It works like many adaptive suspensions, scanning the road with a camera to adjust damping for bumps ahead. It does have some other trick features, though. When the Aviator is parked, the suspension lowers to make the crossover look more attractive while sitting. And when the driver approaches, it lowers itself further for easier ingress. It also raises itself for snow or mild off-road driving, and it lowers down at highway speeds for better aerodynamics.