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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.

Latest Forza Motorsport 5 car pack leaves us scratching our head (in a good way) [w/video]

As we scrolled down the roster of the latest car pack for Forza Motorsport 5, the Hot Wheels Car Pack, our expression became bemused over the strange mix of vehicles that we now have at our disposal. This is quite unlike any of the other sets of DLC Turn 10 Studios has offered. Sure, there are the typical headliner cars – the Lamborghini Veneno and 2015 Audi S3 – that will appeal to the mainstream racing fan or auto enthusiast. But this latest car pack is so jammed full of nuggets of automotive weirdness that it's hard not to get excited. The Hot Wheels pack has no shortage of racers, with a particular focus on historical offerings. A 1939 Auto Union Type D covers the pre-war era of Formula One, while a 1967 Lotus 49 and a 1952 Ferrari 375 represent post-war racing. For a modern twist, a Mazda USF2000 car slots in below the Indy Lights car from the Nurburgring booster pack. From here, things get vintage and weird. There are a pair of delightfully offbeat coupes, in the form of a 1974 Toyota Celica GT and a 1973 Ford XB Falcon GT (here's hoping we get a vintage Holden Monaro in the future). Those two are joined by a 1956 Ford F-100, which your author already plans on converting into a dragster with vinyl flames down the side (because that's what all vintage pickups should be). The new ride we're most excited about, though, is the 1983 GMC Vandura G-1500. Yes, that's the van from The A-Team, and we're sure it will prove to be an excellent canvas for the artists of FM5 to cover with airbrushed, fire-breathing unicorns and mystical, gray-haired wizards (or just poorly painted letters that read "Free Candy"). This latest car pack is the final monthly car pack for FM5, although Turn 10 is quick to point out that while the monthly updates are over, there will still be new batches of cars made available to gamers. As for the Hot Wheels pack, it's available now on Xbox Live for $9.99. Scroll down for the press release from Turn 10 Studios, as well as a video of the newest additions to Forza Motorsport 5's vehicle roster. Forza Motorsport 5 Hot Wheels Car Pack Now Available Turn 10 Studios is bringing the Hot Wheels® Car Pack to "Forza Motorsport 5," available for download today. The pack features a collection of vehicles built from the ground up for the new generation that car fans can collect and customize while putting their virtual driving skills to the test.

Latest Forza Horizon 3 car pack features a Skyline and a fast Swedish wagon

The steady stream of Forza Horizon 3 car packs shows no signs of slowing down, and the latest Rockstar Energy Drink pack includes enthusiast favorites such as the R31 Skyline and the Volvo V60 Polestar. The car pack also features a couple of sporty two-doors and some off-road oriented machines. Luxury-minded players will be pleased to see both the Bentley Bentayga and BMW i8 make an appearance. People more concerned with ultimate performance will have a different pair to consider. Players will want to check out the Ford trophy truck for busting dunes, and the Radical RXC Turbo for race-car levels of pavement performance. Finally, yet another classic Aussie muscle car appears in the pack: the 1972 Ford Falcon XA GT-HO. For those interested in the new rides, this car pack is included in the Forza Horizon 3 Car Pass, or can be purchased on its own. If only one or two vehicles are must-haves, it's also possible to purchase the cars individually. Related Video: Related Gallery Forza Horizon 3 Rockstar Energy Car Pack Image Credit: Turn10 Studios / Playground Games Toys/Games Bentley BMW Ford Volvo Videos bentley bentayga nissan skyline volvo v60 polestar forza horizon 3