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Ford books $2.6B pretax quarterly profit

While its crosstown competitors at General Motors are smarting over a drastic drop in net income to $200 million in the second quarter, Ford has reason to celebrate. The Blue Oval has announced its own Q2 financial results, including a growing net income of $1.3 billion, a $78 million increase over last year. Pretax profits for the company reached $2.6 billion, up $44 million from 2013, but total revenue dropped slightly to $37.4 billion, down from $37.9 billion. Profits per share before one-time charges totaled 40 cents per share, beating Wall Street analysts' expectations of 36 cents a share.
Regionally, the Blue Oval performed strongly, as well. North America posted a record quarterly pre-tax profit of $2.4 billion, a $119 million increase. Europe also showed signs of turn around with its first profit in three years of $14 million after a loss of $306 million in Q2 2013. Ford is actually predicting profitability in the troubled region in 2015. Asia Pacific operations also performed well with $159 million in profits, up $29 million from last year. The only region where the business posted a loss was South America.
According to Automotive News, Ford also announced more precise plans about the changeover to build the aluminum-intensive 2015 F-150. In August, the Dearborn plant will shutdown for eight weeks to retool and its Kansas City plant will do the same next year.

Ford's Galhotra succeeds Farley as head of Lincoln

Ford Motor Company is announcing a major personnel shakeup that could have a dramatic effect on the future of the Lincoln division. Kumar Galhotra (pictured above), currently vice president of engineering at Ford for all of its vehicles worldwide, is taking over as the president of the luxury brand on September 1, replacing Jim Farley. The automaker is also hiring a new head of advanced engineering.
Galhotra has a huge job ahead of him as the new boss of Lincoln worldwide, overseeing product development, marketing, sales and service. His task is to turn the luxury division into a world-class brand as quickly as possible, and he reports directly to Ford President and CEO Mark Fields.
"These changes underscore our commitment to build on the success of our One Ford plan by accelerating our pace of progress. They also make clear we are serious about Lincoln as a world-class luxury brand and that product excellence and innovation are what will deliver growth and define our entire company going forward," said Fields in the company's announcement.

Are you the next Ford Edge? [UPDATE]

What looks to be the next Ford Edge has been leaked in an apparent corporate Powerpoint presentation deck. Despite the thumbnail image's blurry and pixelated quality, it appears as if the next generation crossover will be staying close to its current aesthetic despite an all-new front clip with redesigned grille, headlamps, and lower fascia with integrated fog lights.
The upscale-minded Blue Oval CUV is due for a redesign in 2015, having just received a mid-cycle refresh for 2011. It isn't clear what changes lie beneath the new skin, either in terms of mechanicals or interior refinement, but we suspect Ford will be looking to put some distance between the next generation model and the new Escape, which is suddenly much more car-like and not that far off the more expensive Edge in terms of overall size, power or refinement.
UPDATE: Substituted clearer image - thanks, Sean!