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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.

MyFord Touch getting buttons and knobs back to counter criticisms

Ford deserves credit for being a front-runner in offering advanced infotainment technology with its Sync and MyFord Touch systems, but continued consumer complaints over its confusing touchscreen interface and capacitive controls has made the automaker relent. The Wall Street Journal reports that physical buttons and knobs for controlling tuning and volume will be coming back to Ford vehicles equipped with the controversial infotainment system.
The 2013 F-150 with MyFord Touch gives us a glimpse of what the new layout with buttons and knobs might look like, as Ford says a similar balance of touch screen capability and buttons/knobs are what's being planned for future models. And, while capacitive controls have no fans in the halls of Autoblog, many of Ford's models with MyFord Touch do have a large physical knob for adjusting volume with integrated buttons for tuning and advancing tracks, though most of those are models with the optional upgraded Sony Audio system. Lincoln models with MyLincoln Touch, however, feature only capacitive controls for all stereo and climate functions.
Despite receiving enough complaints to throw buttons and knobs back into the mix (a move that reminds us of BMW's iDrive trajectory, among others), Ford reports that Sync and MyFord Touch have still been sold on 79 percent of its 2013 model year vehicles, a number it claims is double the rate that Honda and Toyota are getting for their infotainment systems. Ford also states that owners who do opt for the duo of technologies are more satisfied with overall vehicle quality than those who don't have it.

2019 Lincoln Continental will cost as much as $5,000 more

Rumors have been swirling for months about the fate of the slow-selling Lincoln Continental amid Ford's larger plans to pare cars from its lineup in favor of trucks and SUVs. But now comes word of official order guides that show the 2019 Continental priced as much as $4,925 more than the previous year's model. That price bump brings more perks for buyers, however. According to CarsDirect, all models will get adaptive cruise control and the Lincoln Co-Pilot360 suite of safety technology, which includes automatic emergency braking, blind-spot information system and rearview camera. The base level Continental Premiere will start at $47,140, including destination fee, which is $985 more than the 2018 model. The Reserve model is where the starting price jumps $4,925 to $60,705. It adds technology like a 360-degree camera, heads-up display and park assist, plus heated rear seats and steering wheel and windshield wiper de-icer. The top-of-the-line Black Label edition starts at $71,040, an increase of $4,630, and adds 30-way adjustable seats. Those prices are considerably cheaper than comparably equipped competitors like the Audi A8 or BMW 7 Series, of course, but that value proposition hasn't so far managed to help the sedan's fortunes. Lincoln sold 12,012 models of the Continental in 2017, according to CarSalesBase.com. Sales through August were 5,677, which is more than 29 percent off the pace at this same point last year. Lincoln revived the storied Continental nameplate back in 2015 to much fanfare, but its market release in 2016 was a victim of bad timing, coming amid a rising tide of crossovers. Earlier this year Lincoln reportedly showed dealers photos of a Continental with rear-hinged suicide doors that it said it planned to manufacture, which may be an attempt to drum up interest. Jalopnik, citing unnamed sources familiar with Ford's product plans, says the Continental is likely to be killed off at the end of the run of the current model in 2020. That aligns with what a user on the Blue Oval Forums is saying, that shift changes at the Flat Rock Assembly plant near Detroit are coming and that workers have been told the Continental can be phased out of production by next summer. One supposed possibility is Ford moving production to China, though any plans to import sedans to the U.S. from there would seemingly be negated by the same Trump administration tariffs that killed plans to import the Ford Focus Active. Related Video: