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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.

48-inch panoramic display kicks off Ford and Lincoln Digital Experience

Arguing against screens in new cars is a losing battle. Every automaker is working hard to boost the display real estate in new models, and the level of integration between cars and the connected world at large is growing rapidly. Ford and Lincoln recently detailed a digital development roadmap that places screens and software at the forefront of their ownership experience going forward, and it’s clear the pair view vehicles as another device in peopleÂ’s connected lives. Ford said the average U.S. household has 16 connected devices and noted that it believes vehicles should offer a seamless connection between them. The Ford/Lincoln Digital Experience features apps from Google, Apple CarPlay and Android Auto, and apps from Amazon, among others. The 2024 Lincoln Nautilus is the current flagship for this technology, as it brings the brandÂ’s first 48-inch panoramic display, featuring the highest resolution ever offered in a Lincoln. The system serves as part of the SUVÂ’s driver assistance features, including BlueCruise, the hands-free semi-autonomous driving function. Beyond offering new features, Ford said the Digital Experience helps reduce distraction by letting drivers place the apps they use the most closest to their line of sight. Media, weather, and other information can be positioned in widgets on one side of the display to provide quick information, and owners can set up profiles to store different configurations for drivers. Part of the Ford/Lincoln tech expansion includes third-party app installations. The new system offers Spotify, Amazon Music, Audible, iHeartRadio, Prime Video, YouTube, and more. Google Play games are also available and can use a Bluetooth controller connection. Video conferencing apps will soon be available to let owners Zoom wherever theyÂ’re parked. The Nautilus is the first Ford or Lincoln model to get the Digital Experience, but others will follow. Ford said the system is designed for future updates and expansion through over-the-air updates and 5G internet connectivity. 2024 Lincoln Nautilus Reserve with Jet Appearance Package 2024 Lincoln Black Label Nautilus Hybrid View 41 Photos

Sunday Drive: Trucks and SUVs of all shapes and sizes

The American automotive marketplace is dominated by trucks and SUVs, and so was the last week of coverage on Autoblog. By far, the most popular story of the week was our First Drive of the 2018 Lincoln Navigator. It may look like an old-school lumberer, but in reality Lincoln's flagship is a thoroughly modern, turbocharged-V6-powered, three-row, luxury people mover. The Jeep Wrangler is the world's most recognizable vehicle. So it's no surprise that the next version looks a whole heck of a lot like the last one, and the one before. It's all in the details, which is why we were so excited when Jeep decided to unleash a trio of images showing both two- and four-door Wranglers for us to dissect ahead of the SUV's official debut at the L.A. Auto Show later this year. Past that, spy photos of the next Chevy Silverado and Ram 1500 were predictably popular. See both of those below, and the cap it all off, check out the entire week's worth of SEMA coverage – including the bonkers Hennessey VelociRaptor 6x6 – in our mega image gallery at the bottom of this post. Enjoy! As always, tune in to Autoblog next week for a front-row seat to all the happenings worth following in the automotive industry. 2018 Lincoln Navigator First Drive | From black sheep to flagship 2018 Jeep Wrangler revealed: First photos released before L.A. Auto Show debut 2019 Chevy Silverado looks slim and clean beneath the camo 2019 Ram 1500 gets vertical touchscreen infotainment system 2017 SEMA Show Mega Photo Gallery Chevrolet Jeep Lincoln RAM Truck SUV recap sunday drive