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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.

Lincoln teases electric concept SUV that will debut soon

An electric Lincoln concept vehicle is going to be revealed on April 20, and today Lincoln is giving us a quick glimpse of what to expect. Before we detail the few shots of the car itself, here’s all Lincoln told us about the vehicle: “The global concept serves as inspiration for our fully electric Lincoln vehicles coming in the near future.” So, expect to see elements taken out of this concept car applied to production cars later this decade. As of now, the main theme we can see in the teaser is light. Lincoln is using LED lighting tech all over the car, and itÂ’s even in some unique spots like the roof, hood and fenders. ThereÂ’s a good chance this lighting doesnÂ’t make it anywhere near a production car, but it gives us a look at where LincolnÂ’s heads are at with design. Clearly, light will be key. Where the light makes more sense is in the light-up Lincoln badges all over the concept. We can see the massive light-up badge in front, smaller light-up badge on the side and the “Lincoln” spelled out with light-up letters on the rear. ItÂ’s also important to note that this concept is an SUV of sorts. We can see very little of the actual design, but itÂ’s no surprise to see Lincoln using the SUV body style as inspiration for its future EVs. The little we can see of the grille/front of the car makes it look like a wide and largely empty expanse of space. Most of the detailing is shrouded in darkness, so weÂ’ll just have to wait until April 20 to see what Lincoln has cooked up for us. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2021 Lincoln Nautilus scores Top Safety Pick rating from IIHS

A new set of standard headlights has lifted the 2021 Nautilus to an Insurance Institute for Highway Safety Top Safety Pick nod, Lincoln and the IIHS announced Wednesday.  The rating accounts for an improved set of LED projector headlights that were made available for 2021. IIHS says the new hardware significantly reduces glare, improving their score dramatically. The upgraded lamps are offered on Black Label models and Reserve models equipped with Ultimate package, provided they were assembled after March of this year. Since the standard headlights are still saddled with a "Poor" rating, the Nautilus doesn't qualify for Top Safety Pick+; IIHS reserves that designation for vehicles that ace all of its crashworthiness, score an "Advanced" or better in its accident avoidance tests, and come equipped with "Acceptable" or better headlights on all available trims.  Both the standard and optional safety systems on the Nautilus scored high marks, and it received the highest possible rating in each crash test.  Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.