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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 Sync 3 launches this summer on 2016 Escape, Fiesta [w/video]

The days of MyFord Touch are nearly over. Ford unveiled its brand-new Sync 3 infotainment system late last year, and has now announced that the first vehicles to receive this tech will be the 2016 Escape and Fiesta, this summer. The big improvements for Sync 3 include faster response time, better voice command integration, more logical controls, and a more intuitive interface. Those were all the key complaints of MyFord Touch – especially the response-time issue. Furthermore, future Sync 3 updates can be downloaded via WiFi. Sync 3 ditches the Microsoft-sourced software that powered MyFord Touch. Instead, Ford uses the Blackberry-owned QNX system. Ford will update its full range of vehicles in the near future, with complete integration by the end of the 2016 calendar year. Lincoln will get this tech, too, but with a slightly different look. Have a look at Sync 3 in the video below, and scroll down for Ford's official press blast. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. ALL-NEW FORD SYNC 3 CONNECTIVITY SYSTEM LAUNCHING ON 2016 FORD ESCAPE AND FIESTA THIS SUMMER – SYNC® 3 – Ford's all-new communications and entertainment system – features faster performance, conversational voice recognition, intuitive smartphone-like touch screen and easier-to-understand graphical interface – Other new features include seamless integration of AppLink™ for a simple way to control smartphone apps, Siri Eyes-Free capability for Apple iPhone, software updates via Wi-Fi, and enhanced 911 Assist® for subscription-free emergency calling in the event of a significant accident – SYNC 3 to launch in North America on 2016 Ford Escape and Fiesta – on sale this summer – providing a safer way for Ford customers to connect their smartphones while keeping their eyes on the road and hands on the wheel DEARBORN, Mich., June 2, 2015 – Ford announced today its all-new SYNC® 3 technology debuts this summer in North America on the 2016 Ford Escape and Fiesta. The new communications and entertainment system is faster and easier to use with enhanced response to driver commands. With the debut of SYNC 3 for Escape and Fiesta, Ford is launching its newest in-car connectivity technology as an option in one of its highest-volume vehicles, Escape, and in its most affordable car, Fiesta.

Ford recalls 2020-21 Explorer and Lincoln Aviator, 2021 E-Series

Ford announced safety recalls for the 2020-2021 Explorer and Lincoln Aviator along with the 2021 E-Series early Monday. The recalls address entirely different issues.  In the case of the 2020-2021 Ford Explorer and Lincoln Aviator, that issue is motor mount hardware. Specifically, the fasteners that secure the passenger-side motor mount may back out. In Ford's words, this can result in a "loss of power," which is the entirely predictable result of an engine parting ways with the vehicle it powers.  As alarming as that may sound, owners should not have to worry about anything extreme, as the passenger side mount is only one of multiple, and Ford says it is not aware of any incidents that have occurred with vehicles in customer hands. Ford says it impacts only about 1400 examples of the Explorer and Aviator in the States (plus two in Mexico and 65 in Canada) that were built at Chicago Assembly Plant between July 28 and 30, 2020. Ford is in the process of alerting its owners to the recall, and those with affected models will have their mount hardware replaced by their local Ford dealerships free of charge.  The 2021 E-Series is being recalled for a potential heat management issue resulting from improperly aligned thermal insulation on the underside of its engine cover. In vehicles where this insulation was not properly installed so that it reaches all the way to the edges of the cover, the resulting heat bleed can cause high in-cabin surface temperatures, and direct contact them could result in burns.  This is the larger of the two recalls, as Ford says it covers nearly 33,000 examples sold in the United States and Canada. Fortunately, as with the above issue, Ford says it has not been made aware of any customer incidents. Ford says the remedy is a set of insulation patches for the exposed areas.  Related Video: