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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.

Ford confirms Everest SUV production for China

According to Ford, the Chinese SUV segment grew by 49 percent in 2013, and the Blue Oval held a 4.5 percent market share. At the 2014 Beijing Motor Show, Ford is showing the Everest SUV that, while just a concept for now, will go into production in the near future.
The Everest is a big, brawny seven-seat SUV that mixes solid, chiseled styling and contemporary Ford design cues. Up front there is an angular version of the trapezoidal grille and sharp, wraparound headlights. The beltline rises in the rear to make the back appear higher than the front. The rear seems just as chiseled, with the taillights resting in jagged scallops. There is no doubt that this concept means to look rugged, and ready for rough roads - the whole thing looks pretty great.
The truck was penned by Ford's Asia Pacific design and engineering team in Australia, and it was first shown in Sydney last year. Ford's JMC joint venture will build the truck for the Chinese market, and it will be sold at Ford dealers there. The Blue Oval isn't hinting at what powers the production version yet, but it reportedly shares some components with the foreign-market Ranger.

Forza Horizon announces January Recaro Car Pack with LFA N"urburgring Edition

Another month, another car pack for Forza Horizon. This time it's the Recaro Car Pack featuring a motley gang of cars and trucks: the 1983 GMC Vandura G-1500, 1995 Ford Mustang Cobra R, 2012 Cadillac Escalade ESV, 2005 Mercedes-Benz SLR, 2012 Lexus LFA Nürburgring Edition and 2012 Lotus Exige S.
It'll be up for download on Xbox Live on Tuesday, Jan. 1, 2013 for 400 MS Points. As usual, if you have the Forza Horizon Season Pass you can get them all free, and Season Pass holders will also get a bonus car that's not pictured: the 2009 Pagani Zonda Cinque Roadster.
The Pagani is everything opposite to that Vandura, but while you might not ever win anything with the van, you can always use the back of it as a place to give out free hugs. Check out the video and press release below for more details.