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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.

2016 Lincoln MKX spied in production form

We're getting our first quality look at the next-generation Lincoln MKX in production guise thanks to these fresh spy shots, and they suggest styling that hews very closely to the concept from earlier this year. Compared to the showcar, the headlights aren't quite as well integrated into the grille, but these LED units still attempt to nicely wrap the split-wing grille across the entire face of the vehicle. Beyond that, the two vehicles quite similar, though. The shape of the lower air dam is practically identical – just with some extra plastic for the production version. The hint of a character line running down the side also makes the resemblance easy to spot, despite this tester's polka-dot camouflage. At the rear, the taillights stretch across the hatch with integrated exhaust outlets below. Even the twin-spoke wheels are comparable to the concept. Also, look carefully at these spy shots, and you can notice Lincoln apparently testing two different trims. One has LED headlights with front and rear parking sensors (pictured above), and the other shows projector lights with the sensors only at the rear. The next-gen MKX will launch in 2015 and will be the first model in Lincoln's lineup to benefit from the deal with Harman to use its high-end Revel audio system. Check out the gallery to get a mildly camouflaged sneak preview of the company's future luxury crossover.

2018 Lincoln Navigator Review | 900 miles in mid-century opulence

PORTLAND, Ore. — Driving the 2019 Lincoln Navigator on my usual 80-mile evaluation route just wouldn't be sufficient. The quick jaunt through downtown Portland and out into wooded mountain roads couldn't possibly do justice to a vehicle intended for the literal long haul. All those seats; all that cargo space; all that comfort and opulence. What the Navigator needed was a road trip, so I took two of them — within five days, over 900 miles and a grand total of 20 hours and 17 minutes in the 24-way power-adjustable, massaging, ventilated saddle. The first journey would be from Portland down to Bend, Ore., and then working my way gradually back through central Oregon backroads. This included winding two-lane highways where the Navigator's excellent adaptive cruise control system maintained its distance (and my sanity) when stuck behind parades of Outbacks, before the 450-horsepower EcoBoost V6 of Raptor fame could dispatch them from across the dotted yellow line. Enough really can't be said about how masterful this engine is — so smooth, so powerful and so quiet. It's perfect for a Lincoln. It also got 20 mpg over the course of the full 900 miles, which compares to the EPA's 21 mpg highway rating. Pretty good given the mountainous terrain and the liberal throttle applied to keep up with a pair of substantially sportier cars I was trailing as part of a photo shoot. Not that the Navigator was really able to keep up with anything once the road got tighter and twistier through the lava fields of the Willamette National Forest. Though I still concur with my initial praise of the Navigator's independent rear suspension and steering that "provides consistent, appropriate and reassuring weighting," there's no getting around the laws of physics. This is a gigantic land craft pushing three tons that's best kept at a relaxed pace – also perfect for a Lincoln. As for the ride, which disappointed during my Navigator first drive in Southern California, the "omnipresent nervousness" I reported didn't really materialize on better pavement in Oregon and later in Washington. True, it's not quite as supple as a unibody Range Rover or Mercedes GLS would be, but it doesn't suffer from the near constant vibration over even the smallest bumps you get in a Chevy Suburban or GMC Yukon XL. On the subject of comfort, though, those 24-way front seats can't be ignored.