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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.

Autoblog Podcast #391

Episode #391 of the Autoblog Podcast is here, and this week, Dan Roth, Mike Harley and Brandon Turkus talk about the appointment of Kumar Galhotra to run Lincoln, changes coming for Scion, the Dodge Charger SRT Hellcat, and which cars won't live into 2015. We also take a quick detour to talk about the Infiniti Q50 Eau Rouge prototype, which Mike Harley just came back from driving. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the new rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #391: Topics: 2015 Infiniti Q50 Eau Rouge Prototype New boss at Lincoln Scion xB, iQ ending soon Dodge Charger SRT Hellcat Cars that won't live to 2015 In the Autoblog Garage: McLaren 650S Hyundai Genesis Hosts: Dan Roth, Michael Harley, Brandon Turkus Runtime: 01:42:06 Rundown: Intro and Garage - 00:00 Infiniti Q50 Eau Rouge - 30:05 Kumar Galhotra to Lincoln - 34:32 Scion Changes - 43:58 Dodge Charger Hellcat - 54:25 Discontinued Cars - 01:06:24 Q&A - 01:22:59 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Hirings/Firings/Layoffs Podcasts Dodge Hyundai Infiniti Lincoln McLaren Scion Supercars mclaren 650s

2024 Lincoln Nautilus debuts with big redesign, new hybrid option

The 2024 Lincoln Nautilus is bigger, flashier and packs a new hybrid powertrain option. Take a look inside this two-row midsize SUV, and you’ll notice itÂ’s rocking a totally new tech interface not seen on any other Lincoln product, too. Starting with the new exterior, the Nautilus makes its entrance with a large grille — depending on the trim you select, four distinct patterns are available. No matter the trim, a new daytime running light runs horizontally through the grille and connects with the headlights. Lincoln played it safe with the sculpting along the sides, but the door handles are newly integrated and sit at the same level as the door trim itself. Electric buttons on the inside of the pulls activate them. The rear mimics the front with a full-width taillight. Hidden exhaust outlets give the rear end a clean and uninterrupted look. Both models seen in photos are rocking 22-inch wheels, but 20-inch and 21-inch wheels will also be available. A new powertrain lineup sees a change in direction toward the greener side of things. The NautilusÂ’ base engine is still a 2.0-liter turbocharged four-cylinder, but Lincoln says itÂ’s a new design, the same that youÂ’d find on the updated Lincoln Corsair. It makes 250 horsepower and 275 pound-feet of torque, and itÂ’s mated up with an eight-speed automatic transmission. All-wheel drive is standard across the lineup, even for the base model. As for the upgrade engine, Lincoln dropped the twin-turbo V6 in favor of a hybrid option. The hybrid pairs a 2.0-liter turbocharged four-cylinder with an electric motor and CVT. Lincoln says the total system output is 310 horsepower, and while thatÂ’s less than the 335 horses from the outgoing V6, weÂ’re not exactly heartbroken over a slight dip in power for this SUV that has almost no sporting pretenses. Lincoln tells us the hybrid system is similar to that in the Ford Maverick and Ford Escape, but features a more powerful electric motor (134 horsepower) and enhanced transmission. The utility of the Nautilus is way up versus before. Lincoln says the new Nautilus is riding on a vehicle platform not currently shared with any other Ford or Lincoln model sold here, and the idea was to end up with a much larger vehicle. With another two inches of length and two inches of width added over the outgoing model, Lincoln expanded backseat space and cargo space substantially.  Lincoln made the interior a lot more tech-forward, too.