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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.

Annie Leibovitz goes Continental for Lincoln campaign

Lincoln has a lot riding on the new Continental, and the company is now calling upon renowned photographer Annie Leibovitz to glam-up its new flagship. Her photos are part of a new series dubbed "That's Continental," which the automaker will use in high-end publications and on social media. Leibovitz's iconic photos have been used in magazines like Rolling Stone and Vanity Fair, and she's photographed celebrities, politicians, literary icons, and landmark events. The new series for the Continental is Leibovitz's first attempt at car photography and it follows a road trip theme inspired by the trips she took with her father as a child. The photos for the campaign were shot in New York City with a group of non-professional models, including a musician, an artist, an actor, and a film director and his dog, Seven. "Annie Leibovitz is a photographer of substance," said Lincoln president Kumar Galhotra. "The rich, warm emotions her photos evoke, mirror the feelings we want our clients to experience on all of their journeys in the new Lincoln Continental." While we're still arguing over the Continental's looks, Leibovitz's pictures show the sedan at its best. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2017 Lincoln Continental Campaign View 12 Photos News Source: LincolnImage Credit: Lincoln Marketing/Advertising Lincoln Luxury Sedan photos

Lincoln MKC crossover headed for Detroit

Fresh off the launch of the stylish new MKZ sedan, the newly named Lincoln Motor Company is reportedly preparing for a lineup expansion. According to TheDetroitBureau.com, the first new product joining the Lincoln brand is a small crossover based on the Ford Escape said to be called the MKC. We saw this machine testing a few months ago, and while we were hoping the name might be reserved for a future two-door model or even the diminutive Concept C hatchback, it looks like the "C" will stand for compact crossover instead.
The report also says that this crossover will be making its debut next month at the 2013 Detroit Auto Show, so we'll have to wait until then to see what the new model looks like. Unlike the MKX, which is based off the Ford Edge, we would expect there to be a lot more differentiation between the MKC and the Escape like Ford managed to do with the newest Fusion and MKZ.
In addition to the new MKC, the article states new MKS and Navigator designs are expected to debut by 2014.