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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.

Holy crime-fighting Ford F-150, Batman!

What would Batman drive for his weekly trips to Home Depot for the bits and pieces needed to keep his lair deep below Wayne Manor in tip-top condition? Certainly not the Batmobile - there's no way a 4x8 sheet of plywood will fit between the wheel wells, not to mention the fact that jet turbine engines have an unfortunate tendency to set trailers on fire when towing...
No, what Batman needs is a pickup truck. The boys from Ford teamed up with Galpin Auto Sports to build just such a machine, and it has just debuted at Comic Con. Designed by Jared Barris, grandson of the legendary kustomizer George Barris, the 2012 F-150 pickup you see here, dubbed Crime Fighter, is painted Tuxedo Black with Ferrari Red highlights and is affixed with fins on each side of the truck bed. It's nothing if not unique.
Well, it's at least unique for now. According to Ford, Galpin in Southern California is willing to take orders for customers looking to don a cape and hit the town for a night of crime-fighting action. Or trips to Home Depot. Check out our high-res image gallery and then scroll down for the official description from Ford. We're waiting for details such as pricing and build time from Ford, and we'll update this post if and when we hear back.

Ford updates Transit lineup for 2016

We have a strange affection for vans here at Autoblog, perhaps due to all that free candy we ate as kids. So when Ford announces some minor updates to the Transit and Transit Connect, we deliver the news that every plumber, electrician, and airport shuttle driver across the nation (and Canada) needs. The biggest item for 2016 is an optional passenger side sliding door on medium- and high-roof models, improving access to the Transit's cavernous interior. Ford's rollout of the much-improved Sync 3 infotainment system also expands to the to large van. And a reverse backup camera is now standard across the lineup. The little Ford Transit Connect is also tweaked for the next model year, right after we spent some time in the 2015 version. Titanium trim on the long-wheelbase wagon model brings second row bucket seats that fold flat. With XLT trim, you can swap out a bench seat for the buckets at no extra charge. Read on the for the full press release. FORD TRANSIT, TRANSIT CONNECT AND TRANSIT CONNECT WAGON EVEN SMARTER, MORE FLEXIBLE FOR 2016 MODEL YEAR SYNC® 3, Ford's new communications and entertainment system, is available for 2016 Ford Transit – making America's best-selling van even smarter Ford Transit built more than 100,000 vehicles in the 2015 model year Ford Transit Connect compact commercial van equipped with 2.5-liter I-4 engine gains flex-fuel capability for 2016 DEARBORN, Mich., June 4, 2015 – America's best-selling van is even better for the 2016 model year, with the addition of available SYNC 3, rearview camera technology and new customization options. "These and other updates make the 2016 Ford Transit the smartest, most flexible van ever offered by Ford," says Yaro Hetman, Ford brand manager for Transit, Transit Connect and E-Series. "Transit replaces America's best-selling van for 35 years, E-Series, first sold in 1961 as Ford Econoline, and we look forward to continuing our leadership in this important segment." Transit quickly took over the best-selling commercial van title in November 2014, having been available beginning in June at U.S. and Canadian dealerships for the first time. Ford has produced more than 100,000 Transit vans and wagons at Kansas City Assembly Plant during the 2015 model year.