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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.

Everything new at the 2019 New York International Auto Show

Transcript: Welcome to the 2019 New York Auto Show. It's the last auto show, and so far it's my favorite of the year. We have a new buggy, compact pickup and trail ready SUV from Volkswagen. Ford brought the new Escape and a new Mustang performance variant, and we have a brand new Toyota Highlander and Subaru Outback. Let's go take a look around. We're here at the New York Auto Show with the Subaru stand. Normally the Subaru stand is just some white carpet and some show lighting. This year it's like we're in a national park. It's ... Frankly, I'm from Oregon. You're from Colorado. Yeah. It's making us feel at home. And in that way what better place and what better people to introduce this Subaru Outback which is pretty much the official car of Colorado and Oregon. Yeah. You actually have to buy a Subaru before they let you move to Colorado. Now instead of climbing up there and taking a look because we've been told we can't do that we're gonna go over there and check out another one. So the exterior, not that different. No. Looks exactly like an Outback. There's actually oddly a little more black plastic trim on the outside. A little too much for me. Right. It's interesting because it kind of slowly went away from that from the beginning because in the beginning the black plastic trim kind of made it an Outback, and now they're kind of bringing it back. I guess they needed to make it more macho. Right. Right. Now we're inside. Inside it looks pretty different. Swank. It's kind of swank for an Outback which has been pretty plain. Now this is the newly available vertically gigantic touch screen here. 11.6 inches. That is massive. This is how big it is when it's turned on ... just for the viewers. Now this is the onyx trim. So with that you get the black mirrors, the black wheels. This upholstery is special to the onyx, so it's gray and black and you also have this green stitching. Yeah, I like this accent stitching. It's kind of neat. Oh there's also a little tray there. Well this is a deep bin here. You can probably fit a phone. There we go. Almost. Yeah there are two USB ports. There's an additional two in the backseat. So this thing here you pop in the cup holder and it gives you a little more space or less space. These are really big, so if you have one of those Nalgene bottles I'm guessing it's going to fit in there. One of my complaints about my Subaru that I own now which is a naturally aspirated Crosstrek is that up in the mountains. It's slow?

Lincoln revival bypasses rear-wheel drive for now

Ford execs had the axe ready for Lincoln just a few years ago, but the luxury marque is on a hot streak these days. Annual sales are up 7.5 percent through October, and the recently unveiled, refreshed 2017 MKZ previews the company's improved styling. In a great piece about the brand's growth strategy, Automotive News finds the division's bosses want to focus on the core vehicles before taking a big step and building a rear-wheel drive niche model. "Luxury coupes and sports cars are not the first place we need to go," Global Lincoln Director Matt VanDyke said in the story. The division's bosses want to use the updated MKZ as an opportunity to distance Lincoln's identity from Ford, and the powertrain will carry the 3.0T badge rather than Ford's EcoBoost name as part of that approach. The model also injects excitement into the range thanks to an all-wheel drive version with a 3.0-liter twin-turbo V6 with 400 horsepower and an optional Driver's Package with a torque-vectoring rear differential. Lincoln will launch at least three new models by 2020, too. One of those will be the production Continental that will reportedly debut at the Detroit Auto Show. The company will also allegedly revive the Aviator to fit below the Navigator. The third vehicle remains a mystery but likely isn't a compact. Automotive News' story further examines the previously languishing brand's work to climb up the luxury ranks in the US. It's well worth a read. Related Video: