1967 Lincoln Continental Convertible 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.

2017 Lincoln Continental spied on the inside

We just saw the lightly camouflaged exterior of the 2017 Lincoln Continental a few days ago, and a new set of spy shots now give us an even better look inside the upcoming luxury sedan. Where the outside largely brings the concept's design to the road, the production interior shows far more compromises. Rather than the expanse of blue leather and Alcantara upholstery, Lincoln's stylists tone things down with a mostly black cabin. While less overwhelming than on the showcar, there's still no shortage of chrome because strips of the shining metal outline nearly every surface. Wood accents also help add some visual interest. The general cabin layout remains close to the concept. The infotainment system gets prime position near the top of the center stack, and the buttons for the transmission sit vertically on the left side of the screen. The design then flows to an angled console that features physical controls for things like the radio and HVAC. These photos provide another view at the nearly undisguised exterior, too. The Lincoln emblem at the front is chrome on this test car, and you can now spot more shining trim underneath the grille. Also look close for a better view of the door handles along the beltline. We expect the full reveal of the production Continental at the Detroit Auto Show in January. Related Video:

2017 Lincoln Continental spied inside and out

Lincoln certainly made us stand up and take notice when it unveiled the Continental concept at the New York Auto Show this past March. Showcars, however, are only worth so much if they never reach production. But as these latest spy shots indicate, Ford's luxury division is hard at work taking the new Conti from show floor to showroom. The team from Dearborn has clearly gone to great lengths to disguise this prototype, wrapping it in a new type of camouflage with trompe l'oeil bulbous-looking shapes to keep us from seeing just how close the production version will keep to (or how far it may stray from) the concept's design. Our spy photographers did, however, manage to snap some shots of the inside through the side glass, and though it's still evidently some ways off from reaching production, some key details give us an idea of what to expect. Look closely and you can make out the buttons for the transmission running down the side of the infotainment screen, just like on other new Lincolns. The chromework appears to have been toned down some from the blinged-out dashboard of the showcar, but it may be too early to say how much shine there will be to the production model. The overall design of the center console looks pretty darn close to the version we saw in New York, though. The Continental is expected to replace the MKS, as Lincoln moves away from alphabetical nomenclature back towards actual nameplates. Assembly is slated to be undertaken in Flat Rock, MI. There are a great many more details yet to be uncovered, but as far as early indications go, it looks like Lincoln is well on its way to making its concept a reality. Related Video: