2003 Ford Crown Victoria Police Interceptor Black On Black Custom on 2040-cars

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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.

eBay Find Of The Day: 1988 Saleen Ford Mustang General Tire 21R race car

Saleen may be making headlines these days for working on the Tesla Model S, but its history and bread-and-butter is all about the Ford Mustang. The rear-wheel-drive Dearborn pony cars singlehandedly put the company on the map in the '80s. Founder Steve Saleen was already a talented American racing driver when he started the venture, and like many auto industry businesses before him, Saleen went to the track to prove his vehicles' worth. Now, there's a chance to buy one of those early racers on eBay Motors.
Saleen Mustangs raced in the Sports Car Club of America Escort Endurance Championship - a series of multi-hour races meant to challenge man and machine. Ostensibly a showroom stock class, the cars had larger wheels, tuned suspensions and other upgrades that stretched the concept slightly. Saleen found major success though, taking the championship for its class in 1987 and winning the 24 Hours of Mosport consecutively from 1986 through 1988.
According to the seller, Saleen only built eight of these cars, and this one carries the #21R serial number. They all started life as new Mustangs from Ford dealers but were immediately stripped and prepped to go racing. Beyond obvious mods like a roll cage, they featured eight-inch wide wheels in front, an inch of additional track width, stiffer suspension bushings and much more.

Will Ford's SUV blitz include the Bronco?

Ford announced this week it will add four sport-utility vehicles in the next four years, an ambitious bet on a segment the industry once shunned. This led to wild speculation about what form these utes will take. Here's what we know: They will be new nameplates, and Ford is thinking globally. That means at least one might not be a product with US intent. They will also be in segments where the company does not currently compete, Ford said. The Blue Oval isn't specifying exactly what's it's doing, so here are some of our theories. We think one will be called the Bronco, which is great news for enthusiasts. We hope it follows the Mustang playbook with some heritage styling, but a thoroughly modern execution. Ford needs an off-road Jeep Wrangler-fighter. Fuel prices are low and it's been 22 years since the infamous O.J. Simpson white Bronco chase. This is the best chance Ford will ever have to bring back this iconic name. Our man on the ground at the Chicago Auto show, Sebastian Blanco, reported that Ford sales and marketing vice president Mark LaNeve said a "mini utility" will also be one of the utes. This could be primarily an overseas play. We've also seen lots of spy shots of the EcoSport, a small crossover that Ford sells in India and other overseas markets, being tested on American roads. That is an existing nameplate. Maybe Ford adds a small ute related to the EcoSport in the United States, but calls it something else. We think Lincoln gets a three-row SUV out of the deal. It could slot between the MKX, which was new last year, and the Navigator. Lincoln is leaving money on the table by not being in this segment. The platform could be used for a Ford at some point, too. The Blue Oval brand does actually have a tweener three-row vehicle, the Flex, but this chassis might underpin a replacement. Or maybe Ford makes one of these a hybrid. The company laid out ambitious plans in December to ramp up its electrification strategy, something that could mean a dedicated hybrid SUV (Kia unveiled one of those right after LaNeve's speech in Chicago). It's also possible hybrid technology will be integrated into this new portfolio. The Escape used to have a hybrid sibling. Whatever form they ultimately take, Ford is betting heavily on SUVs. The company thinks they are what Baby Boomers and Millenials want and expects the segment will continue to grow. It's important to note: this will be a diversified strategy.