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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.

Uber hopes facilities in Detroit will help shape its autonomous future

Hot off the heels of unleashing its fleet of self-driving vehicles in Pittsburgh, PA, Uber announced plans to open a new facility in the Detroit, MI area, reports Automotive News. The new facility was announced at an event hosted by Society of Automotive Engineers in Detroit, MI. Uber's vice president of global vehicle programs Sherif Marakby revealed the news, reports Automotive News. The facility is meant to help the ride-sharing company collaborate with suppliers and automakers in the area. There's no word on where Uber will build the new facility or how big it will be, as those factors have yet to be determined. Just like Pittsburgh, PA, Detroit, MI could become another testing ground for the ride-sharing company. The latest move to open a facility in the Detroit area comes after Uber offered users in Pittsburgh the chance to ride in one of its autonomous vehicle as it looks to gain vital real-world testing. Uber is utilizing a fleet of modified Ford Fusions. Earlier this year in April, the automaker announced a partnership with Google, Lyft, Uber, and Volvo to develop autonomous cars. A new facility in Detroit would strengthen the partnership and help Uber, as well as Ford put autonomous vehicles on the road faster. Related Video: News Source: Automotive News - sub. req.Image Credit: AOL Green Ford Volvo Transportation Alternatives Technology Emerging Technologies Autonomous Vehicles Detroit Uber taxi Lyft ridesharing facility

2015 Hennessey VelociRaptor 600 fills an F-150 Raptor-sized void

Ford is rumored to possibly debut a new F-150 Raptor at the upcoming Detroit Auto Show in January, but whether that's the case or not, Hennessey Performance is ready to fill the muscle truck niche now with its latest VelociRaptor 600 Supercharged based on the 2015 F-150. The fantastically named VelociRaptor package has been available on the regular Raptor for the past few years, taking power up to 600 horsepower or more, depending on what the buyer desired. With the latest one, the performance truck is now based on the aluminum-bodied F-150, specifically the FX4 Super Crew model with the 5.0-liter V8. "Having Ford's world-class new truck design, with a weight savings of nearly 700 pounds, our VelociRaptor 600 Supercharged will have an even greater level of performance and driving excitement," said founder John Hennessey in the company's release. The heart of VelociRaptor is the Roots-type supercharger running at 8 psi on the V8. With help from upgraded fuel injectors, a proprietary engine management system and stainless steel exhaust, it boosts grunt from a stock 385 horsepower to over 600 hp. To make sure that power gets to the road, the package also includes 33-inch BFGoodrich mounted on 17-inch Hennessey wheels. For buyers in need of more, the company offers optional parts including an off-road coilover suspension, different front and rear bumpers, a winch, LED light bar and Brembo brakes. Speaking to Autoblog, Hennessey said he feels confident that the latest VelociRaptor could do high-four-second sprints to 60 miles per hour, compared to the outgoing model in the low-five-second range. Prices for the VelociRaptor start at $73,500, which includes the donor F-150, and orders are open now. Actual deliveries should start by March at the latest, according to Hennessey. The company also plans to offer a similar package for EcoBoost F-150s later. Scroll down to read the full announcement about this muscle truck. Introducing the 2015 Hennessey VelociRaptor 600 Supercharged Texas tuner adds power and improved off-road capabilities to Ford's all-new aluminum bodied pick-up trucks December 16, 2014-For immediate release Sealy, Texas-For the past five years, Ford F-150 truck enthusiasts have had the special opportunity to own the SVT Raptor. With 411 hp and baja pre-runner capabilities, the Ford Raptor was one of the most capable 4x4's ever built. Sadly, Ford Raptor production has ended, leaving a void in the market for 2015.