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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.

Living Life Large: Driving $2 million worth of cars in one week

Monterey Car Week has quickly become one of my favorite events of the year. There's something for everyone – classic car shows, modern concepts and new vehicle debuts, auctions, racing, and so much more. From a media perspective, there's also a chance to drive a ton of cars. Many automakers bring their latest wares out to Monterey for us to test during our limited free time, and it's a great opportunity to experience fantastic metal against a gorgeous backdrop. That's exactly what I did this year. Instead of flying into Monterey and being driven around, my journey started in Los Angeles and ended in Napa, and I managed to get behind the wheel of some $2 million worth of new cars. Some were old favorites, and many were new experiences. But looking back, this was one of the best weeks of driving I've had in years. Rather than try to come up with some common arc to tie these cars together, here are my notes on all the cars I tested in California earlier this month, presented in the order in which they were driven. 2016 Mazda CX-3 The CX-3 pictured here isn't the exact one I drove in California, but it's close. The only difference was color – my delivered-to-LAX tester wore Mazda's awesome new Ceramic hue (pictured below on the MX-5 Miata). I used the CX-3 to slum through crummy Los Angeles traffic for two hours on the way out to Santa Barbara, with a quick stop at In-N-Out Burger on the way for good measure. A lot nicer inside than I remember. Everyone praises Mazda for its excellence in engineering and design, but there's a lot to be said for the improvements in overall interior refinement. Quiet, comfortable, and well-equipped; the CX-3 made sitting on the 405 freeway a lot more pleasant. Not all that functional. I had a hard time fitting a week's worth of luggage for two people inside. The cargo area and rear passenger compartment were filled, with only enough room on top to see out the back window. A Honda HR-V would've swallowed all that luggage with plenty of room for more. So good to drive. Not surprising, since this wasn't my first time in the CX-3. I knew this CUV would be good on twisty roads, but on the highway it's really exceptional. Road and wind noise are minimal and the overall ride quality is a comfortable sort of sporty. This is definitely something I could drive every day – it's enjoyable during commuting and entertaining on more interesting roads.

2017 Lincoln Continental brings 'quiet luxury' to Detroit

Following the concept that debuted in New York the better part of a year ago, the production Lincoln Continental promises to usher in a new era for the Lincoln division and put up a better fight against Cadillac. (Or so, at least its parent company Ford would hope.) To that end, Dearborn's luxury brand promises "an elegant, effortlessly powerful, serene fullsize sedan that delivers quiet luxury to the industry's most discerning customers." That effortless power comes from a twin-turbocharged, 3.0-liter V6 that will produce up to 400 horsepower. Other features include exterior ambient lighting that activates when the driver approaches, hidden electric door handles, and an available panoramic glass panel covering the entire roof. The new Conti also boasts a three-mode suspension and steering system, torque vectoring, adaptive cruise control, a 360-degree camera system, and collision assist with pedestrian detection. Meanwhile the interior offers such amenities as 30-way adjustable front seats, reclining, massaging and climate-controlled rear seats, a Revel audio system, and active noise cancellation. All the features, in short, you'd expect from a luxury sedan, and then some. Only this one will be made in Flat Rock, not imported from overseas. Following its debut at the Detroit Auto Show this week, it will reach dealers in the fall – at which point import and Caddy dealers alike may need to start taking notice. All-New Lincoln Continental Delivers Quiet Luxury: Elegant, Effortlessly Powerful, Serene - Lincoln Motor Company introduces its elegant new flagship – the all-new Continental – coming this fall - Effortless power comes from new 3.0-liter twin-turbocharged V6 engine that produces a projected 400 horsepower and 400 lb.-ft. of torque1; advanced safety technology is also featured - Serene interior offers the comfort of Lincoln's innovative Perfect Position Seat, spaciousness, rear seat amenities, Revel® audio system and top-grade materials DETROIT, Jan. 12, 2016 – Lincoln Motor Company heralds the return of its flagship – the all-new Lincoln Continental – an elegant, effortlessly powerful, serene full-size sedan that delivers quiet luxury to the industry's most discerning customers. Beginning this fall, Continental offers first-class travel for clients in America and China, bringing warm, human touches and a contemporary design.