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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.

2022 Lincoln Navigator First Drive Review | It's greener now. Literally.

Lincoln’s latest renaissance began with the Navigator, specifically the full redesign introduced four years ago. Offering far more power than the competition established a new, common concept of effortless performance throughout the Lincoln lineup, but it was the NavigatorÂ’s striking new interior design that really moved the needle and made people, including car reviewers like us, take notice. Subsequent Lincoln interiors evolved from that design and enjoyed similar praise, so it should come as no surprise that the updated 2022 Lincoln Navigator builds upon its trademark element. Frankly, itÂ’s unusual for interior design to so strongly embody a brandÂ’s identity, yet a senior Lincoln official confirmed thatÂ’s exactly what the company sought to do with the Navigator and others. The exterior would be tidy and handsome, but to really stand out in a crowded luxury field, the brand chose to instead focus on creating a bold, unique interior. Clearly inspired by LincolnÂ’s midcentury glory years, but not attempting to copy it in chintzy plastic as Lincolns of the 2000s did, the Navigator cabin continues to look nothing like those of its competitors. ItÂ’s classy, itÂ’s special and when done up in Black Label “themes,” it can be uniquely colorful as well. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. For 2022, the most colorful of themes — “Destination” and its stem-to-stern coating of oxblood red — is discontinued. Boo. Apparently, it was popular in LincolnÂ’s top market of China. Less so in the United States, so it gets ousted in favor of the new “Central Park” theme shown here. The primary element is the “Urban Green” hue with leather perforations that form the outlines of a New Yorkesque skyline. ItÂ’s exclusively paired with stunning open-pore wood embossed, in gold no less, with a map of ManhattanÂ’s grid and the titular Central Park. ItÂ’s a fitting alternative to the carryover themes of “Yacht Club” (the blue one) and “Chalet” (shades of brown and beige), plus the new “Invitation” theme that features black accented in a different gold-embossed wood for those who are less adventurous. The interiorÂ’s only noteworthy aesthetic change for 2022 is also a functional one: the 10-inch touchscreen has been replaced by a 13.2-inch widescreen unit.

Lincoln Aviator debuts as stylish 3-row crossover with a surprise

NEW YORK — At a studio in the Meatpacking District in Manhattan, after a walk through an "art gallery" full of inspiration for Lincoln's newest midsize, three-row Aviator crossover, we saw the company's future. That's not breathless hyperbole, either. Lincoln's huge Navigator is selling like gangbusters, but the aging MKT is a sad vestige of the company's last attempt to reinvent itself. The company needs an attractive, well-proportioned three-row with contemporary powertrains to complement the MKC and the larger Nautilus (nee MKX). For those wondering, the MKC is likely to get renamed at its next refresh, and the lousy MK__ naming convention will finally die. But while the names are refreshing, that's not the reason the Aviator is so important. For one, it'll almost certainly lend its underpinnings, which are rear-wheel-drive based, to the next Ford Explorer. The other is that it's an all-important three-row, a conventionally-shaped one rather than the awkward MKT's long, lumpy look. The Aviator — the vehicle we saw is a preview, not a production model, but is extremely close to production — has style and presence. There's more than a bit of Range Rover Velar in the look, but it's not a clone. And the interior is a wonderful interpretation of the larger Navigator's bold, distinctive and purely American look. View 20 Photos While many, many details are unspecified at this stage — including exact engine details, dimensions, and the like — there's enough there to draw some conclusions about the new Aviator. For one, it's got a version of the Navigator's elegant interior. Those Perfect Position seats, also seen in the Continental, covered with soft leather, are central to the Aviator's interior experience. When's the last time beautiful seats were such a selling point? Other than Volvo, no one's put enough attention on unique and particularly comfortable seats. It's a unique selling proposition and, also, a nice aesthetic detail. You could say the same for the dash design: It's low and sleek, with solid but not bulky elements and the sort of tastefulness normally reserved for Scandinavian industrial design. Back to the rear-drive platform and what little else we know of the powertrain. For one, it'll feature a twin-turbocharged EcoBoost engine with an available plug-in hybrid option. As far as we can tell, both versions will use the same engine, and there are no optional engines outside of this.