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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.

Ford GT, Buick Avenir and Audi Q7 take 2015 EyesOn Design awards

The annual EyesOn Design Awards at the Detroit Auto Show allows some of the greatest designers in the world to weigh in on the best production and concept debuts at the big event each year. For 2015, the large panel of judges included luminaries like Frank Stephenson of McLaren, Ralph Gilles from FCA and Moray Callum of Ford. Apparently the editors at Autoblog had a good eye because the winner of 2015's Best Designed Production Vehicle award went to the Ford GT, which was also our favorite debut from the show. The new supercar beat the Acura NSX and Mercedes-Benz GLE-Class Coupe for the honor. The judges described the Blue Oval's shape as "capturing the original GT40 in a modern interpretation," according to EyesOn Design. The Buick Avenir was also a big winner in the awards this year and received the nods for both Best Designed Concept Vehicle and Innovative Use of Color, Graphics and Materials. In the concept category, it beat out the Chevrolet Bolt and Mercedes-Benz F 015, and in the latter group, the sedan triumphed over Audi Q7, Mercedes F 015 and Volkswagen Cross Coupe GTE. The Q7 received its own accolade for Best Designed Interior, and it beat the Avenir and Infiniti Q60 for the honor. This year's Lifetime Design Achievement Award went to former Renault designer Patrick le Quement, and Bob Lutz received the EyesOn Design Catalyst Award for the second time. The honor is for an executive "who has empowered great design," according to the organization, which describes Lutz perfectly. Scroll down to read the announcement with more comments about the winners. Related Video: Ford, Buick, Audi recipients of EyesOn Design Awards at North American International Auto Show EyesOn Design Awards for Design Excellence for 2015 were revealed today at the North American International Auto Show. The awards honor the most significant automotive designs revealed at NAIAS as determined by the North American and global leaders of design from automotive manufacturers, along with academic chairs of transportation design programs and design leaders from other fields.

New 2020 Ford Explorer, Lincoln Aviator recalled for minor safety issues

Ford has announced a small recall on 2020 Explorers and 2020 Lincoln Aviators. Select units might be missing a manual park release cover, while others might have instrument clusters stuck in Factory Mode. The recall affects 14,135 SUVs in total.  While a vehicle is in production in a manufacturing facility, Ford might put them in what is known as Factory Mode to help reduce battery drain. Affecting the instrument cluster, this mode disables warning alerts, warning chimes, and does not show the PRNDL gear selector display. Ford says one vehicle was in an accident at a production facility as a result of the issue, but nobody was injured.  Separately, Ford found that some of these Explorers and Aviators might be lacking a manual park release cover. Federal Motor Vehicle Safety Standards require a manual park release cover that is only removable with a tool. Without the cover, there is a very minor chance the manual park release could be accidentally actuated, which could allow the vehicle to move on its own.  The recalls affect 13,896 vehicles in the U.S. and 239 in Canada. The Explorers were built between March 27, 2019, and July 24, 2019. The Aviators were built between April 10, 2019, and July 24, 2019. Owners can use Ford's recall number 19C06, and if affected, can take their vehicles in for fixes.