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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 Focus RS makes US debut in New York, hits dealers Spring 2016

Attendees at the 2015 New York Auto Show will be among the first American consumers to see the all-new, third-generation Ford Focus RS. The Blue Oval announced the super-hot hatch will make its US debut in the Big Apple next week and will arrive in dealers roughly one year from now. We've covered the raging Ford, which is being sold in the US for the very first time, ad nauseam. It debuted in early February, made its auto show debut at the 2015 Geneva Motor Show and is finally crossing the Atlantic, complete with at least 315 horsepower from a 2.3-liter, turbocharged four-cylinder. A trick, torque-vectoring all-wheel-drive system, an industry-first Drift Mode, a proper six-speed manual transmission and looks that can kill round out what we're wagering is a wildly entertaining package. On top of announcing the Focus RS will hit dealers in the spring of 2016, Ford gave us our first look at a production color. While the Geneva Focus RS was finished in the same Liquid Blue as the Ford GT, Mustang GT350R and SVT Raptor that showed up in Detroit, the hue on the NYAS car, called Nitrous Blue, is one of four that will actually be sold on the Focus RS. While we're waiting to see it in person to render our final judgment, based on pictures alone, we're smitten. Alongside Nitrous Blue, Ford will offer the Focus RS in Stealth Gray, Shadow Black and Frozen White. In other news, your author will be starting the official campaign to bring back the gorgeous green from the last-gen RS immediately. Check back next week. Until then, scroll down for the official press release from Ford. All-New Ford Focus RS Makes U.S. Debut in New York • All-new Focus RS makes North American debut at New York International Auto Show introducing advanced performance technologies for ultimate hot hatch experience; pioneers innovative Ford Performance All-Wheel Drive with Dynamic Torque Vectoring, industry-first drift mode, additional drive modes • Third-generation high-performance hatch features specially engineered 2.3-liter EcoBoost® engine producing more than 315 horsepower, most powerful RS brake system ever with Brembo front calipers • Ford Focus RS will be at dealerships in the United States in spring 2016 DEARBORN, Mich., March 25, 2015 – The all-new Ford Focus RS is set to debut on U.S. soil at the 2015 New York International Auto Show.

Exceptionally rare '65 Ford GT40 Roadster prototype up for auction

Think of mid-engined supercars and your mind is bound to gravitate towards Europe, but the United States has been known to make a handful from time to time - exceptional vehicles from the likes of Vector, SSC, Mosler, Hennessey, and Saleen. But long before any of those came around, Ford famously became obsessed with beating Ferrari at its own game, leading to the development of the iconic GT40.
The story is well known, sending Ford to the checkered flag at Le Mans four times in a row in the late 1960s. Ford and Shelby also built over 100 for public consumption, but just four of them were roadsters. Of those only one remains in original condition, and now that exceedingly rare example going up for auction.
Consigned to RM Auctions for its mid-August sale during Pebble Beach weekend in Monterey, California, this 1965 model is the first GT40 Roadster built. It was used as a development and demonstration vehicle for Ford and Shelby. Carroll Shelby himself drove Henry Ford II in this very car during one of many test and demo events, this time held for Ford's board of directors in Los Angeles.