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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.

Cars with the worst resale value in 2022

Car values are all over the map right now. Used vehicles that were worth a small fortune earlier this year are now coming back to Earth, but the new vehicle supply remains tight. Prices are still elevated overall, but some models have seen more severe price drops. Depreciation strikes almost every model, supply constraint or not, though a few vehicles are leading the way. New research from analytics iSeeCars found that a handful of cars depreciated more than 50 percent over five years, with the BMW 7 Series dropping 56.9 percent and an average price cut of $61,923 over that time. The vehicles with the highest depreciation — or worst resale value — over five years: BMW 7 Series: -56.9% Maserati Ghibli: -56.3% Jaguar XF: -54% Infiniti QX80: -52.6% Cadillac Escalade ESV: 52.3% Mercedes-Benz S-Class: 51.9% Lincoln Navigator: -51.9% Audi A6: -51.5% Volvo S90: -51.4% Ford Expedition: -50.7% iSeeCarsÂ’ research showed that midsize trucks, sports cars, and fuel-efficient vehicles were slowest to depreciate over five years, while itÂ’s clear that luxury brands tend to lose value much faster. As iSeeCarsÂ’ Executive Analyst Karl Brauer explained, used buyers donÂ’t value high-end vehiclesÂ’ features as much as the first owners, so resale values tend to be softer. The tech and options that made the cars so expensive and appealing new donÂ’t add the same value on the used market. Read more: Cars with the best resale value Interestingly, electric vehicles also depreciated quite heavily, though they were just short of the abysmal numbers in luxury segments. The Nissan Leaf depreciated most among EVs, dropping by 49.1 percent. The average EV depreciation is 44.2 percent, with the Tesla Model S and Model X sliding in right under the bar at 43.7 and 38.8 percent, respectively. As iSeeCars notes, itÂ’s important to be vigilant when car shopping and not let your emotions win over reason. Shiny new luxury cars look great in the showroom, but you could end up taking a bath when you try selling them a few years later on. Related video: Audi BMW Cadillac Ford Infiniti Jaguar Lincoln Maserati Mercedes-Benz Volvo Car Buying Used Car Buying Ownership Resale Value depreciation

2020 Lincoln Aviator First Drive | The Real Deal

NAPA VALLEY, Calif. – We're in Yountville, a town that's equal parts hoity and toity. The restaurants are adorned with the names of Top Chef Masters and the gas station offers wine tasting. A store that exclusively sells Panama hats will be opening soon. It's in places like these where the 2020 Lincoln Aviator needs to be taken seriously. When the local bakery is a Bouchon, chances are the local populace isn't going to be fooled out of their Audis, BMWs and Mercedes by sub-standard merchandise. The Aviator needs to be the real deal.  It is. There is a sophistication to its engineering and driving experience, plus a distinctive, tasteful style that should collectively meet lofty expectations and attract the desired inquisitive responses from fellow Yountvillians. Indeed, this three-row luxury crossover is no half-hearted, badge-engineered effort as Lincolns of the past were. Though it shares its rear-wheel-drive architecture with the new Ford Explorer, the two differ greatly, and Lincoln's own engineers casually speak of the advantages of "developing their own platform from the ground up." As in, this platform is as much their baby as Ford's, and not something that was sent over from HQ with orders to slap on some different styling and call it a day. For instance, the front and rear suspension designs are different, in part to accommodate the Aviator's unique pair of available damping systems: standard adaptive dampers and an optional air suspension that's height-adjustable, load-leveling and reactive to input from a forward-facing camera to pre-set itself for bumps in the road. We only sampled the latter, and despite our test Aviator being shod in massive 22-inch wheels, it soaked up the gnarled pavement around Napa Valley with no nervousness over smaller bumps or impact harshness over bigger ones. It also doesn't bound about as the springy new Explorer does. The Aviator is impressively planted, even in its most comfort-oriented driver mode of "Normal," and possesses a composure that was not expected given Lincoln's emphasis on comfort, effortlessness and "quiet flight." 2020 Lincoln Aviator Interior View 9 Photos Indeed, the Aviator can be hustled quite capably around some pretty serious mountain roads thanks to the advanced suspension and inherent chassis balance afforded by its rear-drive-based architecture (all-wheel drive is optional).