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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.

Lincoln debuts MKC ads starring Matthew McConaughey

Lincoln is making the decisive commitment that it wants to improve its brand perception going forward. It can't be cheap to hire A-list talent like Academy Award-winning actor Matthew McConaughey and director Nicolas Winding Refn, best known for Drive, for its new ad campaign for the 2015 MKC crossover, but the company is showing that it's serious about the new vehicle and its future. The first three of these five commercials are just hitting YouTube, and they begin airing on television on September 6.
The Live in Your Moment campaign is all about Lincoln trying to sell not just the MKC to customers but also explain the brand's philosophy. It's one of the oldest luxury automakers around, but hasn't exactly had a glorious history, especially recently. Based on these first ads, we can see that there's a definite focus on philosophizing rather than focusing on the crossover. At times, McConaughey seems just a mustache and a mangled beer can away from reprising his role from True Detective.
The first ad (above) is simply titled Intro and sets the mood and concept for the whole campaign. Bull has McConaughey talking to a longhorn in the middle of a road, and I Just Like It has him explaining his affinity for the brand. Lincoln's full release is available below, and you can view the other ads by flipping through the playlist in the video player above.

2019 Lincoln Nautilus First Drive Review | A refresh that's more than skin deep

SANTA BARBARA, Calif. — Its name is new, but the 2019 Lincoln Nautilus is really a rebranded, restyled and updated version of the second-generation Lincoln MKX, which has been on sale since 2016. Renaming your bestselling vehicle is risky, but Lincoln has been struggling, and it feels the names of its vehicles are partly to blame. Recall that since 2007, Ford's luxury brand has used letters to name some models, including MKZ and MKX, and traditional names on others like Navigator and Continental. Well, now it's ditching the letters and renaming those vehicles. The MKX is now the Nautilus. The smaller MKC is rumored to become the Corsair, which was a name used by Edsel back in the 1950s. The seven-passenger Aviator will go on sale in 2019, and the MKZ's new name is anybody's guess. Zephyr again, maybe? NordicTrack is already taken. Lincoln has also been rolling out a new grille design, which debuted on the Continental in 2017 and replaces the unloved winged look that was supposed to remind luxury buyers of the elegance of the 1939 Lincoln Continental — but didn't. Fitting the new grille to the 2019 Nautilus completes that rollout, and the five-passenger SUV is certainly more handsome than before. Its mesh is a repetition of the Lincoln Star logo, and it works. The SUV's front fascia, headlamps and hood are new as well, and the hood has grown a sizable and attractive center peak. Underneath that hood is a new 2.0-liter turbocharged four-cylinder with direct injection. It's the same engine used in the smaller MKC and the Ford Edge, which shares the Nautilus' chassis, but Lincoln doesn't use the name EcoBoost for this and its other powerplants. The 2.0-liter replaces the naturally aspirated 3.7-liter V6 as the standard engine, and it's rated 250 horsepower at 5,500 rpm and 280 lb-ft of torque at 3,000 rpm on 93 octane fuel. Those numbers are down from the V6, which was rated 303 hp at 6,500 rpm and 278 lb-ft of torque at 4,000 rpm. But Lincoln has also replaced the antiquated six-speed automatic transmission with an eight-speed, so overall performance is comparable, and city fuel economy is up significantly. With the V6 and front-wheel drive, the MKX was rated 17 mpg city and 25 mpg highway. The new combination has a 21 mpg city rating. The considerably more powerful twin-turbo 2.7-liter V6 remains optional, rated 335 hp at 5500 rpm and 380 lb-ft of torque at 3250 rpm.