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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 recalls 422,000 SUVs for rear view camera display that may fail

WASHINGTON — Ford is recalling 422,000 sport utility vehicles in the U.S. because the video output may fail, preventing the rear view camera image from displaying. The recall covers 2020 through 2023 Ford Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair SUVs with a 360-degree camera. The recall expands and replaces prior Ford callbacks for the same issue in 2021 and 2023. Ford last year updated the image processing module (IPMB) software in an effort to address the issue. Ford said on Thursday it is "working together with suppliers to identify root cause and provide the correct remedy as quickly as possible". The National Highway Traffic Safety Administration (NHTSA) said the loss of the rear view camera image can reduce the driver's rear visibility, increasing the risk of a crash. Owner notification letters are expected to be mailed on June 26. Last year, Ford said it had reports of 17 minor crashes relating to the recall issue and more than 2,100 warranty reports but no reports of injuries. The NHTSA in August 2021 opened an investigation after Ford in 2020 recalled 620,246 vehicles for another rear camera issue. The investigation is reviewing if Ford had recalled the vehicles in a timely fashion and if it recalled enough vehicles. Recalls Ford Lincoln Crossover SUV

2022 Lincoln Aviator Review | American luxury in the best way

In Lincoln's heyday, its cars were big, powerful and extravagant. They embodied the idea of American luxury in the best possible way. The 2022 Lincoln Aviator shows the brand has recaptured the essence of those good old days, while still pushing forward into the future with the latest tech offerings and an available plug-in hybrid powertrain that provides competitive all-electric range and a staggering amount of power. It's also a style leader, particularly inside, which was true of Lincoln's midcentury classics, but obviously missing for the better part of 30 years. Practically speaking, the Aviator is a fully competitive entry in the three-row luxury segment, capable to making a strong case for itself among (relative) lower-cost entries like the Acura MDX and Volvo XC90 as well as larger, upper-crust offerings like the Mercedes GLS and BMW X7. Its generous interior size and feature content has a lot to do with it, but so does the fact that Lincoln didn't mess around under the hood. Its base engine is more powerful than most of its competitors' engine upgrades, while that plug-in hybrid's 630 pound-feet of torque makes you wonder whether someone made a typo. They didn't. Basically, there's a lot to love about the Aviator, and crucially, a lot that makes sense. Interior & Technology  |  Passenger & Cargo Space  |  Performance & Fuel Economy What it's like to drive  |  Pricing & Features  |  Crash Ratings & Safety Features What's new for 2022? Changes are light for the 2022 Aviator. The Reserve trim picks up additional standard features: wireless charging, a head-up display and phone-as-key. There's also a new Monochromatic package that adds black wheels and replaces bright work with body-colored trim. It's very 2022. 2020 Lincoln Aviator Grand Touring Black Label View 34 Photos What's the Aviator interior and in-car technology like? No other company's interiors look anything like the midcentury-inspired palace of cool you get in the Aviator. All versions are available with distinctive color schemes (including the base model shown below right in Sandstone), but the Black Label trim level stands out the most with its three available "themes" of "Chalet," "Flight" and "Destination" (below left) that get special colors and trim types. The quality of some plastics and the fit-and-finish aren't up to Mercedes or BMW levels, but everything looks so special that it covers whatever deficit exists.