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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.

2020 Lincoln MKZ gets price and trim changes, new packages

The Lincoln MKZ doesn't have much longer to live, slated to meet the executioner later this year. The team in charge isn't letting the brand's penultimate sedan die unloved, Ford Authority reporting a raft of cosmetic changes and packages that can set the 2020 model apart from others. The three engines, FWD or AWD, and hybrid option stand pat. There's been the expected trim rationalization, though, and some noteworthy price changes. Last year's nine trim combinations are whittled to five in 2020 — the base hybrid, Reserve I in FWD and AWD, and Hybrid Reserve II are no more. The new base models see an increase in MSRP, but there are big savings on the Reserve models. The remaining trims are listed here with their price differences compared to 2019, after the $995 destination charge: Base FWD for $37,745 (+ $755) Base AWD for $39,745 (+ $755) Reserve II FWD for $44,495 (- $2,445) Hybrid Reserve I FWD for $43,495 (+ $3,505) Reserve II AWD for $45,495 (- $2,445) Outside, four colors in the current palette disappear: Empire Blue Metallic, Magma Red Metallic, Red Carpet Metallic and Silver Radiance Metallic. Four new colors take their places: Blue Diamond Metallic, Crystal Copper Metallic, Ingot Silver Metallic and Ruby Red Metallic. A new, bright aluminum 19-inch wheel with ebony pockets is available on all four trims. There's a lot more happening on the packages page, Lincoln throwing five new bundles at the configurator. Only one can be specced on the base MKZ and the MKZ Hybrid, that being the Convenience Package that gathers features such as a tilt/telescoping steering wheel with memory, power trunk lid with soft close, voice-activated touchscreen navigation, and Lincoln Experiences Phase II, which means dynamic signature lighting and smart power mirrors. That suite tacks $2,000 onto the price.  Three packages can be had only on the MKZ Reserve with either engine option and the MKZ Hybrid Reserve. The Elements package runs $800 for goodies like heated and ventilated front seats, a heated steering wheel, and heated rear seats. The $3,000 Luxury Package adds full LED headlights, Multi-Contour front seats with Active Motion, and the 20-speaker, 1,200-watt Revel Ultima Audio System. The $1,595 Monochromatic Package can only be ordered in Infinite Black or Platinum White. Both hues get upper grilles and other body trim in the chosen color, as well as 19-inch polished black wheels.

2017-19 Ford Super Duty trucks recalled for tailgates that could open

Ford announced two separate recalls today, though neither has resulted in any known injuries. The first recall, which deals with a tailgate malfunction, affects 261,617 examples of 2017-2019 F-250, F-350, and F-450 Super Duty pickups. The second, which anticipates the possibility of a fuel leak, affects 3,893 units of 2020 Explorer and 2020 Lincoln Aviator SUVs with 3.0-liter engines. Ford says tailgates might accidentally open on some 2017-2019 Super Duty trucks because of a short circuit. If the pickups have an electric tailgate latch-release switch on the tailgate handle, water might get into the wiring. If the water hits the right spots, a short circuit could cause the switch to release the tailgate latch. In a worst-case scenario where the tailgate opens while driving, contents of the truck's bed could fall out and create a safety hazard. Dealerships will fix the problem by modifying the tailgate frame wiring harnesses with jumper pigtails and install a new tailgate handle release switch. Of the lot, 231,664 trucks are in the U.S., and 29,953 are in Canada. The Ford recall number is 19S48.  The second recall is much smaller, involving fewer than 4,000 vehicles. In certain 2020 Explorers and Aviators with 3.0-liter engines, Ford says, "The convolute protective sleeve on the liquid fuel line is not long enough, which may allow for potential hard contact with the convolute-protected vapor fuel line. Over time, with vibration and engine roll, hard contact between the two fuel lines could cause the convolute on the vapor fuel line to rub through the plastic liquid fuel line." If that happens, it could be a fire risk and hazardous for drivers and passengers. Only 35 of those SUVs are in Canada, and the rest are in the United States. Dealers will fix the problem by replacing the defective convolute with a full-length piece and tying it down with a strap. The recall reference number for the Aviators and Explorers is 19S49. The recall adds to what has otherwise been a rocky early production phase for the new Explorers and Aviators.