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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.

Ford brings FPV Falcon production in house [w/video]

For the first time since 1976, Ford of Australia is bringing the assembly of its stonking Ford Performance Vehicle line back in-house to the company's Broadmeadows and Geelong facilities. That's a point of pride for FPV, which builds high-performance versions of the Australian Falcon model like the F6, GS and the heroic GT seen here.
In the video below, we hear FPV employees talking in hushed tones about the important legacy that cars like the GT have for Australian gearheads of all stripes, and how proud they are to say that hand-built machines like this GT R-Spec with its Boss 355 engine are now rolling out of their home base. For our part, we're just dying to drive this version of the Coyote V8; the engine is rocking a "Miami" supercharger from Harrop and makes some 450 horsepower.
Continue on below for the video, or you can check out some images of the new FPV at the facility, as well as a gallery of the GT R-Spec car.

Ford abandons MyFord Touch, all hail Sync 3 infotainment [w/video]

MyFord Touch has been among the most widely disdained automotive infotainment systems on the market, practically since its introduction in 2010. Consumer Reports was among the most vocal critics, all but advocating its lynching by an angry mob armed with torches and pitchforks. Not surprisingly, then, after such a critical walloping, Ford has finally decided to say goodbye to the unloved tech, declaring the end of MyFord Touch branding in favor of Sync 3 for its upcoming, all-new system. Ford is promising everything you would expect from Sync 3, including faster response time, better voice-command integration, easier controls and a more useable interface. The screen layout includes fewer items to make them easier to discern, and the icons are made from large, high-contrast buttons. There's also a dedicated tab for apps at the bottom of the screen in addition to those for audio, climate, phone and navigation. Another useful feature is the fact that Sync 3 can download improvements over your home Wi-Fi for easier updates. In addition to the revamped interface, the software running behind the scenes is a big change too. Rather than MyFord Touch's Microsoft-sourced system, Sync 3 uses the Blackberry-owned QNX, according to Automotive News. Such a switch was rumored earlier this year. Drivers still have to live with MyFord Touch a little longer, though. According to Automotive News, Ford said that the change to Sync 3 will happen during the 2016 model year with complete integration into the lineup by the end of the 2016 calendar year. It will come standard on Titanium trim models and as a separate option will be priced in line with the current MyFord Touch. The Sync 3 brand will carry over to Lincoln, too, but with a different look. The gallery above shows a few more looks at the interface, and we invite you to scroll down to watch a video of Sync 3 in action and to read Ford's press release about it, below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.