1927 Model T Hot Rod 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.

Junkyard Gem: 1973 Mercury Marquis Brougham 4-Door Pillared Hardtop

Ford's Mercury Division debuted the Marquis in the 1967 model year, as a sporty coupe based on a stretched Ford LTD chassis. When the LTD got an update for 1969, so did the Marquis, and production of that generation of the top-of-the-line Mercury continued through 1978 (the Grand Marquis hit streets the following year). The 1969-1978 Marquis was a big, imposing land yacht, and the Brougham version came absolutely loaded with affordable luxury. Today's Junkyard Gem is a Marquis Brougham from the first year of the Malaise Era, found in a Phoenix self-service car graveyard recently. This car appears to have spent decades sitting outdoors in one of the harshest climates in the country, and so it's in rough shape. The vinyl top received the full thermonuclear treatment and is mostly obliterated by now. The interior got thoroughly cooked as well. Still, its original opulence shines through if you use some imagination. What hurts is that this car was packed with most of the good options, including the mighty 460-cubic-inch (7.5-liter) V8 engine with four-barrel carburetor. The price for the 460 was just $76 in this car, or around $548 in today's money. The base engine was a 429 (7.0-liter). Power numbers were way down for 1973 when compared to a couple of years earlier, partly as the result of tightening emissions standards but mostly due to the switch from gross to net power ratings that began midway during 1971 and was completed by the end of 1972. This engine was rated at 202 horsepower and 330 pound-feet. The only transmission available was a three-speed automatic. We can assume that the original buyer of this car and its single-digit fuel economy had a rough time when the OPEC oil embargo hit in the fall of 1973. Believe it or not, air conditioning was not standard equipment on the '73 Marquis Brougham (you had to move up to a Lincoln for that). This one even has the automatic temperature control feature, adding a total of $508 to the cost of this car (about $3,661 in 2023 dollars). That AM/FM/8-track radio—or, in fact, any radio—was an extra-cost option as well, with a price tag of $363 ($2,616 after inflation). The MSRP for the 1973 Marquis Brougham sedan (known as a "pillared hardtop" thanks to the frameless window glass) was $5,072, which comes to $36,555 in today's dollars. Obviously, its out-the-door cost would have been much higher with all the options.

2015 Ford Mustang earns Five Stars from NHTSA [w/video]

We already know that the latest Ford Mustang is a pretty potent pony car in terms of its performance potential, but according to the government, it's a safe choice too. The National Highway Traffic Safety Administration recently released its New Car Assessment Program crash test results for the 2015 'Stang coupe, and it came away with top five-star overall ratings in every evaluation. The Mustang received a five-star overall score and five stars for its frontal, side and rollover ratings. The only minor ding was a four-star result just for the backseat in a side barrier crash. According to NHTSA, "Although not included in the star rating, the rear passenger's thoracic rib deflection was elevated." You can check out the full NCAP evaluation, here. According to Ford, the latest Mustang has twice as many airbags and crash sensors as the outgoing model. NHTSA also likes that the pony car offers a rearview camera and forward collision warning – two of the technologies that the agency recommends buyers getting for added safety. Watch the car crash in the video below. 2015 MUSTANG EARNS HIGHEST VEHICLE SAFETY RATING FROM NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION National Highway Traffic Safety Administration awards the all-new 2015 Mustang a five-star Overall Vehicle Score in its New Car Assessment Program All-new Mustang has twice as many airbags, twice as many peripheral crash sensors and additional pretensioning safety belt technology compared to the outgoing model The new Mustang is the first car to offer four-, six- and eight-cylinder engines that each produce at least 300 horsepower – a 300-horsepower 3.7-liter V6, a more powerful 435-horsepower 5.0-liter V8, and an all-new 310-horsepower 2.3-liter EcoBoost® engine DEARBORN, Mich., Feb. 11, 2015 – The 2015 Ford Mustang received a top safety rating from the National Highway Traffic Safety Administration (NHTSA). The 2015 Mustang earned a five-star Overall Vehicle Score in NHTSA's New Car Assessment Program (NCAP) testing. The New Car Assessment Program is the National Highway Traffic Safety Administration's evaluation program for new vehicle designs established to test for performance against safety threats. Now on sale at Ford dealers, the all-new 2015 Mustang received five stars in the frontal crash test, five stars in the side crash test and five stars in the rollover crash test. "The new Mustang was built from the ground up," said Carl Widmann, Mustang chief engineer.