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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.

2017 Lincoln Continental reimagined as a coupe

If nothing else, the production version of the Lincoln Continental has provided ample water-cooler fodder around the office. There are a few camps: the "it took guts to build it" folks giving credit where due on a handsome design with an ambitious interior, and the "MKZ misstep" group haranguing the Motor Company for blowing fancy new styling cues on a lesser beast. And yet, unifying forces exist. We can all agree that these artist renders depicting a Continental sans a pair of doors present a captivating notion. Back in 1939, the original Continental was a two-door. Over time, four doors of various types, including convertibles, infiltrated the lineup. The last time the Continental was on sale, it was a four-door front-driver based on the platform shared with the Mercury Sable and Ford Taurus. Even though the new production Continental, like that penultimate one, is based on a front-drive platform, the execution is much different. As you probably already know, it features a so-far unique 400-horsepower 3.0-liter V6 and an advanced torque-vectoring AWD system, standard. Some neat concept car touches, like the fancy door handles and patented 30-way adjustable seats, made it in. What a two-door would bring to the table is mainly stylistic, emphasizing the long parallel character line in the door with brightwork running under the window that's echoed in the lower door sculpting and chrome strip. It accentuates the car's length, and calls attention to the trim taillights and their interconnecting bar element. A longer door makes for a more elegant transition into the C-pillar. It makes the production Continental, with its blacked-out but still obviously chunky B-pillar, look fussy. We don't expect Lincoln to build a coupe – that may be too wild for a company that doesn't seem completely comfortable with the notion of reinvention – but these renders were just too good not to share. Let us know what you think in the comments below. Related Video:

Lincoln bringing in MKZ Hybrid over rollaway risk

Federal safety standards require that every new car needs to have the brake depressed in order to shift it out of Park. But the National Highway Traffic Safety Administration has found fault in the transmission range sensor on certain examples of the Lincoln MKZ Hybrid, allowing the car to be shifted out of Park without first depressing the brake. The fear is that with this condition, affected vehicles may be unintentionally pulled out of Park, resulting in a possible rollaway. That safety concern has prompted parent Ford Motor Company to issue a recall.
The issue pertains to 7,153 examples of the MKZ Hybrid built between April 26, 2012 and September 24, 2013, covering the 2013 and 2014 model years. As a result, Ford will notify owners to bring their MKZs into their local Lincoln dealer to have the Powertrain Control Module software updated in order to rectify the problem. See the full recall notice below for details.