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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 GT Mk II at Goodwood, Bentley EXP 100 GT concept EV and driving the Hyundai Veloster N | Autoblog Podcast #588

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Associate Editor Joel Stocksdale. To kick things off, they talk about driving the Porsche Cayenne S, Hyundai Veloster N and Nissan Armada. Then they recap the Goodwood Festival of Speed, including the Ford GT Mk II that debuted there. Next up is news: the Bentley EXP 100 GT electric concept car, Ford canceling diesel for the Transit Connect and Elon Musk dismissing talk of a refresh for the Model S and Model X. Finally, they take to Reddit to help pick between a 2016 Audi S3 and a 2017 Alfa Romeo Giulia. Autoblog Podcast #588 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: 2019 Porsche Cayenne S 2020 Hyundai Veloster N 2019 Nissan Armada Ford GT Mk II debuts at Goodwood, and other impressions from the event Bentley unveils EXP 100 GT electric concept car Ford cancels diesel engine for Transit Connect Tesla Model S and X wonÂ’t get a refresh Spend My Money: Audi or Alfa? Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:    

2015 Shelby GT bows in Scottsdale with 627 supercharged ponies

Between the base V6, the EcoBoost turbo four, the eight-cylinder GT, the monstrous GT350 and the new GT350R (to say nothing of transmission and convertible options), muscle-car enthusiasts have a staggering array of Mustangs to choose from. And now there's one more as Shelby American has introduced the new 2015 Shelby GT. Building off the success of the 2007 Shelby GT and the 2013 follow-up, the new 2015 model was just introduced at the Ford booth at Barrett-Jackson in Scottsdale, AZ. It's based on the latest Mustang GT (whether factory fresh or commissioned from an owner's existing pony car) but upgrades with an enviable list of enhancements from Ford Racing Performance Parts, Shelby's own upgrades and top-shelf third-party components. For starters, the engine is supercharged up to 627 horsepower (with over 700 available through further upgrades). It's got 3.73 gears, a Borla exhaust, WELD Racing wheels, Michelin tires and Wilwood six-piston front brakes. Visual enhancements include a carbon-fiber body-kit (including a two-piece rear diffuser) and billet aluminum front grilles. Designed from the get-go to be sold around the world, the 2015 Shelby GT is certified for use in all 50 states and comes with a Shelby American CSM number registered in the company's registry, but all those enhancements don't come cheap: Shelby's charging $39,995 for the new GT, and that's just for the modifications. Add that to the $32k sticker on a Mustang GT donor and you're looking at over $70k – which is not only more than Ford itself is expected to charge for its own GT350, but more than Dodge gets for a Challenger Hellcat. Related Video: SHELBY AMERICAN LAUNCHES 2015 SHELBY GT MUSCLE CAR FOR ENTHUSIASTS WORLDWIDE LAS VEGAS – Jan. 16, 2015 – Shelby American, a wholly owned subsidiary of Carroll Shelby International Inc. (CSBI:PK), launched the first global Shelby GT muscle car, which is based on the all-new 2015 Ford Mustang GT. One of the most popular cars in Shelby history the 627 HP 2015 Shelby GT was unveiled today at the Barrett-Jackson Scottsdale Auction in Ford Motor Company's booth. Shelby is now taking orders with delivery of cars planned for the beginning of the second quarter of 2015.