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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.

This 1977 Lincoln Continental Town Car is very green

Autoblog Green editor John Beltz Snyder asked me to come up with something for his side of the room, so I happily obliged. Team player and all. This may not be what he had in mind, but Mr. Snyder cannot deny that the car you see here is in fact extremely green. In fact, the exterior of this 1977 Lincoln Continental Town Car for sale by Worldwide Vintage Autos is rocking two verdant shades. According to this original brochure, it sure looks like a combination of Dark Jade Metallic with Light Jade Valino Grain Vinyl Roof. There was actually a "Light Jade and Dark Jade Luxury Group" for '77 that describes this very car's exterior combo, but that apparently has a "tu-tone" leather and vinyl upholstery inside, whereas this car would seem to have the optional "Majestic Velour Luxury Group" in Jade.  If you wonder why I'm oddly fascinated by Malaise era luxury yachts, descriptors like "Light Jade Valino Grain Vinyl" and "Majestic Velour" should provide key clues. Well, those and the specs. The '77 Continental Town Car was 233 inches long, which is 11.1 inches longer than a 2021 Lincoln Navigator L ... as in the extended-length version. The Town Car was also 79.7 inches wide, which is only 0.2 inches narrower than today's biggest Lincoln. Its wheelbase, however, was 127.2 inches, which is 4.4 shorter than the Navigator. You don't really need to see the specs to notice that length-to-wheelbase discrepancy, though, just check out that rear overhang! Then there's the engine: a 7.5-liter V8. Cool, that must be awesome! False. This upgrade engine for '77 produced 208 horsepower and an admittedly robust 356 pound-feet of torque. It had a three-speed automatic. It also weighed in at 4,880 pounds. Fuel economy? Ah, don't really have EPA figures for '77, so let's just say it was about as green as the Rose's Town Car on "Schitt's Creek."  So there, a very green car. Happy John?

The Zephyr could help Lincoln, seriously

The Zephyr could help Lincoln. The concept car revealed this week at the Shanghai Motor Show is gorgeous and a conversation starter. People noticed Lincoln.  The brand is quick to say the car, officially called the Zephyr Reflection Preview, is only intended for sale in China and what we’re seeing is a concept. In other words, donÂ’t get excited and donÂ’t read too much into the reveal. Why not?  Mercedes, Audi and BMW still do pretty well with sedans. So do Lexus and Cadillac. IÂ’m not saying Lincoln should line up three wide against the C-Class, E-Class and S-Class and try to go head-to-head. Just make one car, maybe complemented by a crossover variant, like the Volvo S60 and V60 Cross Country relationship. Tiptoe into the segment. Price it right, make it electric and see what happens. IÂ’ve argued Chrysler only needs a few models to become relevant again. Lincoln already has more than a few solid models. Lincoln is relevant. The Navigator is the superstar, and the brand has a respectable lineup with attractive design, solid powertrains and clever chassis setups (like the AviatorÂ’s independent rear suspension). Lincolns arenÂ’t more expensive Fords with flashier grilles anymore. Ironically, thatÂ’s exactly what the last Zephyr was — a gussied-up 2006 Ford Fusion — that lasted for one year before being renamed the MKZ. Ford Motor Co., including Lincoln, famously pivoted away from cars. That was a mistake. The Ford brand can compensate with Bronco Sports and Maverick pickups and maybe a crossover-wagon thing that sort of replaces the Fusion. Lincoln could use something beyond crossovers and SUVs. At this point, youÂ’re probably saying, “Uh, Continental, hello — Lincoln tried this." In fact, Lincoln has actually sold 768 Continentals this year as it sells off remaining inventory of the now-discontinued sedan. IÂ’d argue the ContinentalÂ’s demise wasnÂ’t due to its merits. ItÂ’s a pretty good car. It just had the misfortune of launching in 2016 as the market for sedans continued to shrink. The Continental was never going to be a volume play, but the measly sales figures it did achieve didnÂ’t justify its existence, even for a halo car. The Cadillac CT6, the ContinentalÂ’s domestic rival, met the same fate for the same reasons. Why would a new sedan fare any better? Lincoln didnÂ’t reveal the powertrain of the prototype, but an electric Zephyr sedan could bring in a whole new customer to the brand.