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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.

2024 Lincoln Aviator and 2024 Ford Explorer lose hybrid option

The 2024 Lincoln Aviator will not be available with a plug-in hybrid drivetrain, a spokesman for the brand confirmed. Lincoln dropped the gasoline-electric option to focus on more popular variants of the SUV, and it's making a handful of small changes for the new model year. "Given timing, the 2024 Aviator is a limited production run and as such, we are focusing on our most popular offering," a spokesman told Autoblog via email. While nothing is official yet, unverified reports suggest that the SUV will receive a major round of updates for 2025. In the meantime, the Aviator will enter the 2024 model year with a twin-turbocharged 3.0-liter V6 as its only engine option. The six-cylinder makes 400 horsepower and 415 pound-feet of torque, and it spins the rear wheels via a 10-speed automatic transmission. All-wheel-drive is offered at an extra cost, though keep in mind that Lincoln hasn't published the full list of changes it's making to the model for 2024 yet. Ditching the hybrid system means buyers now have three trims to choose from. Previously named Standard, the entry-level trim is called Premiere for 2024. The mid-range Reserve and the range-topping Black Label carry over. Pricing starts at $53,340 excluding destination. More details about the 2024 Lincoln Aviator should emerge in the coming weeks. Lincoln parent company Ford is axing the Explorer's available hybrid system in the civilian model as well. But the police version of the SUV is only available as a hybrid, and will continue to be. "To meet continued strong demand for the Ford Police Interceptor Utility hybrid and other Ford hybrid vehicles, the 2024-model-year Explorer will only be offered with the fuel-efficient 2.3-liter four-cylinder Ecoboost and the 3.0-liter EcoBoost V6. Those two engines account for the majority of Explorer sales," a spokesperson for the Blue Oval confirmed to Autoblog. There's no word on when or if the hybrid will return for civilian Explorers. Offered through 2023, the Explorer's optional gasoline-electric drivetrain was only available on the top-of-the-line Limited and Platinum variants. And, like the Aviator it's related to, the Explorer is expected to get a round of updates inside and out for the 2025 model year.

2015 Ford Mustang stars in bizarrely awesome '80s aerobics video

For reasons we can't comprehend, here's a music video starring the all-new, 2015 Ford Mustang and a number of dancers dressed and styled in the most stereotypically 1980s way possible. The dancers then take part in a male-versus-female dance off. Again, we've no idea why it exists.
It's weird, and for the second time in two weeks, we're sat at our computer wondering, "What are we watching?" That said, it does show the new Mustang from a number of angles, and it's one of the first car-related YouTube videos we've seen that's available in a 4K, ultra-high-def stream.
Take a look below, and let us know what you think in Comments.