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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.

2021 Lincoln Aviator Review | What's new, price, plug-in hybrid, video

The 2021 Lincoln Aviator is the right vehicle at the right time. It’s a distinctly American take on the three-row luxury crossover segment, boasting big power and a splash of green on the side. It draws you in with its long, sleek exterior, then leaves mouths agape at the beautiful and characterful interior. Its rear-drive architecture developed in concert with the Ford Explorer gives rise to two stout powertrains. A 400-horsepower turbo V6 is standard, but the PHEV is the real barn burner with a silly 494 horses and 630 pound-feet of torque on tap. ItÂ’s a downright splendid combination of American luxury and muscle. Despite all that power, though, donÂ’t come in expecting a stiff, handling-focused crossover like youÂ’ll get from German luxury brands. The power and adaptive suspension is there to make the driving experience effortless, not to set fast lap times. Lincoln isnÂ’t trying to best AMG or M at their own game, opting instead to put its own stake in the ground as peak American luxury. The option to get a plug-in hybrid should make it ideal for eco-conscious luxury buyers who might scoff at a Navigator, too. If youÂ’re looking for a luxurious family vehicle that prioritizes serenity and comfort above all else, take a hard look at the Aviator. What's new for 2021? Not much has changed in the AviatorÂ’s second year besides some packaging and color shuffling. New exterior colors include Asher Gray and Ocean Drive Blue. Flight Blue is no longer a Black Label exclusive, either — you can spec it on Reserve and up for 2021. In packaging news, the panoramic sunroof is made standard on the Reserve trim; soft-close doors are standard on Black Label, and a “high-efficiency” cabin filter is standard on all trims. 2020 Lincoln Aviator Grand Touring Black Label View 34 Photos What are the Aviator interior and in-car technology like? No other company's interiors look anything like the mid-century-inspired palace of cool you get in the Aviator. All versions are available with distinctive color schemes shown below, but the Black Label trim level stands out the most with its three available "themes" of "Chalet," "Flight" and "Destination" 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. Most competitors just seem drab and generic by comparison.

Autoblog's Editors' Picks: Our complete list of the best new vehicles

It's not easy to earn an “EditorsÂ’ Picks” at Autoblog as part of the rating and review process that every new vehicle goes through. Our editors have been at it a long time, which means weÂ’ve driven and reviewed virtually every new car you can go buy on the dealer lot. There are disagreements, of course, and all vehicles have their strengths and weaknesses, but this list features what we think are the best new vehicles chosen by Autoblog editors. We started this formal review process back in 2018, so there's quite of few of them now. So what does it mean to be an EditorsÂ’ Pick? In short, it means itÂ’s a car that we can highly recommend purchasing. There may be one, multiple, or even zero vehicles in any given segment that we give the green light to. What really matters is that itÂ’s a vehicle that weÂ’d tell a friend or family member to go buy if theyÂ’re considering it, because itÂ’s a very good car. The best way to use this list is is with the navigation links below. Click on a segment, and you'll quickly arrive at the top rated pickup truck or SUV, for example. Use the back button to return to these links and search in another segment, like sedans. If youÂ’ve been keeping up with our monthly series of the latest vehicles to earn EditorsÂ’ Pick status, youÂ’re likely going to be familiar with this list already. If not, welcome to the complete list that weÂ’ll be keeping updated as vehicles enter (and others perhaps exit) the good graces of our editorial team. We rate a new car — giving it a numerical score out of 10 — every time thereÂ’s a significant refresh or if it happens to be an all-new model. Any given vehicle may be impressive on a first drive, but we wait until itÂ’s in the hands of our editors to put it through the same type of testing as every other vehicle that rolls through our test fleet before giving it the EditorsÂ’ Pick badge. This ensures consistency and allows more voices to be heard on each individual model. And just so you donÂ’t think weÂ’ve skipped trims or variants of a model, we hand out the EditorsÂ’ Pick based on the overarching model to keep things consistent. So, when you read that the 3 Series is an EditorsÂ’ Pick, yes, that includes the 330i to the M3 and all the variants in between. If thereÂ’s a particular version of that car we vehemently disagree with, we make sure to call that out.