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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.

2018 Ford Expedition spied looking stylish

The Ford Expedition and Lincoln Navigator got a cool reception for their 2015 warmed-over redesign. But with big, high-riding vehicles once again in vogue, Ford is pushing ahead with a ground-up redesign of its biggest SUVs. Based on these spy shots, the Expedition will continue to serve as the Navigator's more affordable twin. Yes, that's a bold prediction, considering we still haven't spotted Lincoln testing the new Navigator, but study the greenhouses on this Expedition prototype and the Navigator Concept from New York – from the arrow-straight belt line to the extra-long rear window to the aggressively raked windshield, this Expedition's overall profile is broadly similar to what Lincoln previewed earlier this year. While our spies claim the new Expedition will look to the F-150 for design inspiration, we see a departure from past Expedition tradition. Unlike the supposed Expedition spy shots we showed you nearly a year ago – which was nothing more than an SUV with an F-150's nose grafted on, this prototype's front-end styling looks softer and more aerodynamic, with a smaller grille and headlights, almost like an Escape or Edge. This kind of change would explain the additional front-end camouflage. In back, our spies rightly point out that Ford fitted a faux rear end to disguise the rear window's rake – expect the real thing to feature the angled rear window previewed on the Navigator Concept. Look at the last image in the gallery for a better idea of how the Expedition's rear window will actually look. We can't say a lot about the taillights, because of the camo, but non-LED taillights are present. We'd expect Ford to offer LEDs on higher trim levels. While the F-150's styling might not make the transition to the Expedition, its powertrains and emphasis on lightweight aluminum will. Our spies report the biggest SUV will ride on a new T3 platform and feature an aluminum body, with the F-150's 3.5-liter EcoBoost V6. Expect a ten-speed automatic transmission and start/stop tech for sure, while the smaller 2.7-liter, twin-turbo V6 could slot in as the Expedition's base engine – we're less sure on that one. And we're even more uncertain of the rumors of an Expedition Hybrid. Our spies report it could mate a 3.5-liter V6 with an electric motor(s) and battery packs for a more economical full-size SUV. Expect to see the 2018 Expedition debut in January, at the 2017 Detroit Auto Show.

Autoblog Podcast #327

New York Auto Show, Jim Farley interview, 2014 Chevrolet Silverado fuel economy, Ford fuel economy app challenge
Episode #327 of the Autoblog Podcast is here, and this week, Dan Roth, Zach Bowman and Jeff Ross talk about this year's New York Auto Show, Chevrolet's latest assault in the pickup truck fuel economy battle, and Ford's reward for developing a better fuel economy app. Dan also has an interview with Ford's Jim Farley about the future of Lincoln. We wrap with your questions and emails, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Keep reading for our Q&A module for you to scroll through and follow along, too. Thanks for listening!
Autoblog Podcast #327: