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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.

Lincoln taps Serena Williams to pitch all-new Navigator

Lincoln is turning to a new star to help it pitch the hot-selling Navigator SUV alongside Matthew McConaughey: Tennis megastar and businesswoman Serena Williams. She'll help pitch the Navigator in a social media campaign that launched Thursday. Lincoln released four short spots that will appear on Lincoln and Williams' social channels. In one, the longest at 41 seconds, Williams recalls buying her first Navigator as a teen and says she's come full circle as a mother. She dubbed the vehicle "Ginger." "Ginger was all white, she had 22s and she had rims," she says in the spot. "I felt like, you know, I was kind of balling in a way. It was like my first huge purchase." Another shows Williams talking on a tennis court about being a mother and how the vehicle functions as a kind of bedroom for her daughter, Olympia, who was born last September. "For me that's what's most important." Like the McConaughey spots before them, the new spots hew to the Lincoln script of mostly not focusing on the vehicle but rather on experiences. (Williams' experiences seem a lot less ethereal than McConaughey's.) View 4 Photos Williams is known for her tennis exploits, having won a record 23 Grand Slam singles titles and four Olympic gold medals. She has fashion deals with Puma and Home Shopping Network and launched her own fashion brand called Aneres. And she operates the Serena Williams Fund to emphasize education and help victims of gun and domestic violence, plus the Williams Sisters Fund, which she launched in 2016 with her sister, Venus. Serena Williams is also a member of the Oath Board of Advisors. Oath is the parent company of Autoblog. "Serena is an amazing athlete who has won 23 Grand Slams, but she also has a family, she has her own clothing line, she sits on major boards, she's philanthropic — she has all these competing demands on her time," Lincoln Group Marketing Manager John Emmert said in a statement. "We know that time is our Navigator client's ultimate luxury as they balance everything in their busy lives, and Serena exemplifies that balance with poise and grace." It's not the first time Williams has endorsed an automotive brand, notes AdAge. Mini featured the tennis star in a Super Bowl ad in 2016. The Navigator is all-new for 2018. It won North American Truck of the Year last month at the Detroit Auto Show. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ford to update Sync, MyFord Touch software... again

Ford hasn't had the best luck with its MyFord Touch and Sync systems, as the finicky infotainment system has been subject to a critical whooping while customer issues have helped sink Ford's IQS scores. The automaker has made a concerted effort, though, to try and fix MyFord Touch. And while the results have been mixed, The Blue Oval is hoping its latest free update, set to go live next week, will make things better.
According to a report from The Detroit News, the new system promises streamlined voice commands with fewer levels between opening query and actual result. Ford is also addressing where certain options are selected on the touchscreen. Rather than working one of the four quadrants on the homescreen, users will be able to select anywhere within the quadrant to make adjustments.
While it might only be a band-aid for MFT's problems, the fact that Ford is still trying to improve it is a promising sign. It's going to take more than just this update to address the system's ills, though.