Vintage 1931 Model A Pick Up Truck Wide Body on 2040-cars

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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.

2013 Ford Explorer Sport

When one speaks of sporty and fun-to-drive utility vehicles, few would put the Ford Explorer in the same category as the Jeep Grand Cherokee SRT8, BMW X5 or Porsche Cayenne. Yet, with just a few reservations, I'd toss the new-for-2013 Ford Explorer Sport close to that arena for consideration.
As a recap, the sportiest of Explorers is fitted with Ford's twin-turbocharged 3.5-liter Ecoboost V6, making 365 horsepower and 350 pound feet of torque. Acceleration is brisk (figure about 7 seconds to 60 miles per hour), as power goes to all four wheels through a six-speed automatic transmission. Contributing to its more athletic demeanor are larger front brakes, a sport-tuned suspension, chassis upgrades, quicker steering ratio and a more aggressive wheel/tire package. Cosmetically, the Sport is distinguished by its blacked-out lights, black trim and noticeable lack of chrome (with the exception of the door handles).
Ford recently handed me the keys to a Ruby Red Metallic Explorer Sport. Rather than mindlessly drive the big seven-passenger all-wheel drive hauler in soccer mom circles around Los Angeles, I loaded up my family and embarked on a long weekend road trip to Yosemite National Park.

Ford Shelby GT350R, GT successor, F-150 Raptor and more rumored for Detroit debut

According to a pair of reports from Hearst's car mags, Car and Driver and Road & Track, Ford has a whole mess of good stuff on deck for the Detroit Auto Show in January. And it all sounds awesome. First, expect to see a hotter version of the Shelby GT350 in Detroit, likely called GT350R. Think of this as the already-hot Shelby with even more track-focused bits baked in – brakes, tires, aero, etc. Everything about the GT350 sounds great, so expect this R variant to be something seriously fierce. As R&T suggests, if the GT350 is the company's new Boss 302, the R is the Laguna Seca. But that's not even close to the biggest news. Road & Track believes a proper Ford GT replacement will debut in Detroit – a road-going version of the Le Mans GTE-class car the Blue Oval is working on for 2016. We've heard about this before, but having the street-legal car debut in Detroit would be absolutely huge news. The performance story continues, though, with R&T suggesting that the next-gen Ford F-150 Raptor will bow in Detroit. Details are scarce about what, exactly, the aluminum-bodied desert stormer will hold, but we expect good things. Finally, Ford's hot hatches might make some news in the Motor City, too. Car and Driver seems to think the all-wheel-drive Focus RS will bow in The D, and that an updated version of the Fiesta ST will also show its face. Road & Track, meanwhile, believes the Focus RS showing will be saved for a European auto show – think Geneva – and our gut feeling is to agree with the R&T theory. All of these rumors point to Ford officially announcing its dedicated performance division – like Mercedes-AMG, BMW M, and so on. We've heard reports of a new, global performance brand from the company already, with the name 999 thrown out as a possibility. In any case, if these rumblings prove to be true, there's going to be a ton to drool over from Ford in January. Stay tuned.