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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.

Junkyard Gem: 2006 Lincoln Zephyr

The Lincoln Motor Company went all-truck for its North American offerings in the 2021 model year, announcing the death sentence for the Continental and MKZ sedans in 2020. The MKZ was the sibling to the Ford Fusion and Mercury Milan (the latter car discontinued in 2011 when the entire Mercury Division got the axe), but it wasn't called the MKZ for its first model year of 2006. For that one year, it was given a name with deep resonance in the Ford Empire: Zephyr. Here's one of those cars, found in a Denver boneyard recently. Ford's first use of the Zephyr name came when Edsel Ford spearheaded the creation of the futuristic-looking Lincoln-Zephyr for the 1936 model year. The Lincoln-Zephyr packed a flathead V12 engine under its hood, which is the same engine that turned a Model A Ford into a Cadillac-passing hot rod in the 1955 Charlie Ryan song "Hot Rod Lincoln" (the better-known 1971 cover version by Commander Cody and His Lost Planet Airmen inaccurately refers to the Lincoln engine as a V8; ex-Commander Cody frontman—and Iggy Pop's high school classmate—Bill Kirchen still makes the V8 claim but he's earned the right by now). The Zephyr name disappeared from the Lincoln lineup after 1942. In 1950, Ford of Britain revived the Zephyr name for use on a Dagenham-built saloon; British Zephyr production continued through 1972, and left-hand-drive versions of the Ford Zephyr were sold in the United States from the 1952 through 1964 model years. Mercury finally got the use of the Zephyr name, for the 1978 through 1983 model years, on the Mercury-badged sibling to the Ford Fairmont. A Chinese-market midsize luxury sedan built by Changan Ford was given the Zephyr Reflection name prior to launch, but it hit showrooms last year as the Lincoln Z. So much history in the junkyard! The saga of the name change from Zephyr to MKZ didn't end with the 2007 model year, though. Members of the Lincoln top brass spent some months insisting stubbornly that the new name should be pronounced "Mark Z" (apparently in reference to the great Lincoln Mark cars of the past or perhaps the brand-new Mark LT pickup), but finally acquiesced to the "Em-Kay-Zee" pronunciation used by everybody else in the United States and the "Em-Kay-Zedd" pronunciation used by the rest of the English-speaking world. The interior of the 2006 Zephyr was quite similar to what you got inside the Fusion and Milan, but with real wood (maple or ebony) trim and standard leather.

Least reliable cars and trucks of 2022

Related: Most reliable cars and trucks of 2022   Every year, Consumer Reports ranks new cars based on their predicted reliability. We often see Toyota, Lexus, and a few other automakers near the top. But on the other side of the coin, the list of least reliable vehicles sometimes contains surprises.   The organization surveys its members to determine the vehicles that exhibited the most problems over the prior year. Owners are asked about creaks and rattles, the durability of parts and trim, and mechanical issues. Consumer Reports assigns a weight to each problem and then uses them to create a score, with 100 being the best. Some familiar names appear on the list of least reliable vehicles (in order with the lowest predicted reliability score at the top), but there are a few eyebrow-raising models, followed by CR's score: Ford F-150 Hybrid: 4 Hyundai Kona Electric: 5 Lincoln Aviator: 8 Nissan Sentra: 9 Ford Explorer: 16 Chevrolet Bolt: 17 Chevrolet Silverado 1500/GMC Sierra 1500: 19 Jeep Gladiator: 21 Mercedes-Benz GLE: 23 Jeep Wrangler: 24 Consumer Reports noted that sedans are the most reliable vehicle category and found that trucks are far lower on the list. That said, the survey showed that trucks from American brands tended to have better reliability scores, so it’s surprising to see GMÂ’s big two and the Ford F-150 on the list. Part of their problematic ownership experience could be due to the fact that all three trucks have received recent updates, and the Ford was completely redesigned for 2022. New tech, fresh drivetrain components, and other improvements can upset the balance of reliability and make newer models look less dependable than their older counterparts. Related video: Green Chevrolet Ford GMC Hyundai Jeep Lincoln Mercedes-Benz Nissan Car Buying Truck Crossover Hatchback SUV Electric Hybrid Sedan Consumer Reports reliability