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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.

2016 Ford Shelby GT350 First Drive [w/video]

Red meat. America's signature protein has necessarily violent origins. Slaughter, butcher, open flames and iron – you don't need a recently lapsed vegetarian (me) to lay it out for you. Of course the blood and the cuts are all part of the appeal, a reminder with every forkful of beef that we still like to be visceral creatures in an increasingly sanitized world. There is much in the makeup of Ford's Mustang that matches these carnivorous tendencies. Not only does it offer a hint of violence with potential for speed every time the engine kicks over, it's also the motive meal we Americans salivate over more than any other. Ford's pony car is among the most popular car searches online, year in and year out, and truly special versions stress servers and storm forum spaces when they hit the streets. I'll be honest, I've been just as frothed and drooling to see and drive the 2016 Ford Shelby GT350 as the rest of you netziens, too. Engineers have hacked and carved away at the stock car, to make a wicked V8 morsel that's bloody-minded and racetrack ready. The flat-plane crank V8 revs to the moon and sounds like a supercar when spinning hard. The palpitating heart of newest Shelby is a 5.2-liter, naturally aspirated V8 engine that bucks the current, popular trends for performance cars, while also breaking new ground for Ford. Fast cars from all over the world have made impressive numbers using turbos and superchargers in recent years, but Ford wanted revs to make its racing machine go right. So the company tossed out the forced-induction formula, and created a flat-plane crank V8 that revs to the moon and sounds like a supercar when spinning hard. The light, strong crankshaft reduces inertial mass in the engine and allows for a mind-blowing redline at 8,250 rpm. Perhaps more importantly it makes for beautiful rising wave of available torque as one digs deeper into the throttle, which feels like fast magic when doing something like climbing the hill to The Corkscrew at Mazda Raceway Laguna Seca. At 526 horsepower and 429 pound-feet of torque, some 102-hp per liter, there's enough power for staggering acceleration whenever you ask for it. Providing, of course, you keep the pot boiling at three grand or more. To call the power delivery below that mark "weak" would be ludicrous, but it does feel more inert there than the cars in the turbo-quick jet set that's so popular these days.

2016 Ford Focus RS leaps to 62 in 4.7 seconds, starts at $36,605

We don't have to wait for the numbers to leak onto Ford's website again because the Blue Oval is now officially confirming that starting price of the 2016 Focus RS at $36,605 in the US, which includes $875 for destination. That money buys quite a quick hot hatch too – the RS with at least 345 horsepower can sprint to 62 miles per hour in mere 4.7 seconds and eventually reach a top speed of 165 mph. The 4.7-second blast bests the 0-60 times from lower-powered competitors like the Subaru WRX STI (5.1 seconds) and the Volkswagen Golf R (4.9 seconds). A few high-horsepower Europeans could outrun it, though, including the newly upgraded 2016 Mercedes-Benz CLA45 AMG (4.1 seconds) and Audi RS3 (4.3 seconds to 62 mph). This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. A combination of launch control, all-wheel drive, and torque vectoring at the rear axle might make that quick acceleration consistently achievable, too. Drivers just select the option from a menu, put the hot hatch into first gear, floor the gas pedal, and let off the clutch. The car rockets away, and a shift light on the instrument cluster illuminates at 5,900 rpm. It starts blinking at the 6,800 rpm redline. We just need to get through the winter to see which car wins in a real-world drag race. The Focus RS is being built in Saarlouis, Germany, and the first North American deliveries are expected in the spring of 2016. Ford isn't talking options yet, but the previous leak suggests things like navigation, leather seats, a sunroof, and 19-inch wheels with Michelin Pilot Sport Cup tires will be available. Related Video: FORD'S ALL-NEW FOCUS RS SPRINTS TO 62 MPH IN 4.7 SECONDS AND HITS 165 MPH All-new 2016 Ford Focus RS sprints from 0-62 mph in 4.7 seconds and reaches a maximum speed of 165 mph Fastest-ever Ford RS model will start at $36,605 featuring Ford Performance All-Wheel Drive and a projected 350 horsepower and 350 lb.-ft. of torque from its 2.3-liter EcoBoost® engine Innovative Focus RS offers drive modes – including industry-first drift mode – along with launch control; customer deliveries of high-performance hatchback start in North America in spring 2016 DEARBORN, Mich., Sept. 16, 2015 – Ford Motor Company's all-new Focus RS will sprint from 0-62 mph in 4.7 seconds – making the high-performance hatchback the fastest-accelerating RS model yet.