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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.

2022 Lincoln Nautilus Review | What's new, price, mpg, photos

The 2022 Lincoln Nautilus is the middle child of Lincoln’s excellent crossover and SUV lineup. It fills the space between the three-row Aviator and compact Corsair, competing with other two-row midsize SUVs. Up until a year ago, it was also the odd one out in that it lacked Lincoln's mid-century-modern-inspired interior design that's wowed since it originally showed up in the Navigator. That changed last year as the Nautilus finally got its makeover and it instantly made the Nautilus a more viable option in a stacked class of excellent choices from BMW, Mercedes, Lexus and Volvo, just to name a few. And if youÂ’re only considering American options, it walks all over CadillacÂ’s XT5 in both luxury and drive experience. DonÂ’t expect it to handle or drive like the German luxury options, though. Lincoln knows its target market is much more concerned with things like ride quality than they are skid pad ratings. WeÂ’ll give them credit for not trying to make this crossover something it shouldnÂ’t and can't be, too. While the twin-turbo V6 will still hustle you down a road, the isolated interior and eye-catching technology makes the argument for why you should come home with a Nautilus. Should you? It's hard to say it's a better SUV than a BMW X5 or Mercedes GLE, but then it's also priced lower than those and other European contemporaries, which at least makes up for its various deficiencies. Interior & Technology  |  Passenger & Cargo Space  |  Performance & Fuel Economy What it's like to drive  |  Pricing & Features  |  Crash Ratings & Safety Features   WhatÂ’s new for 2022? Very few things are changing for the 2022 Nautilus, since the model was treated to a fairly notable refresh for 2021. That said, Lincoln is adding two new colors: Bronze Smoke Metallic and Gilded Green Metallic. ItÂ’s also gaining another Black Label interior option with Flight (dark tan and black combo) joining the Alpine White that was the sole Black Label interior for 2021. Beyond the colors, Lincoln made some minor packaging changes. It's also important to note that this could be the final year for the Nautilus, as Lincoln is reportedly turning its attention to other crossover concepts.  2021 Lincoln Nautilus Reserve View 24 Photos WhatÂ’s the Nautilus interior and in-car technology like?

2015 Ford F-150 named Truck of Texas, Lincoln and Jeep also awarded at Truck Rodeo

The Ford Motor Company has a lot of reasons to celebrate after winning eight categories in this year's Texas Auto Writers Association's annual Truck Rodeo. Most important among them, the Blue Oval's latest 2015 Ford F-150 earned the prestigious Truck of Texas award, ending the Ram 1500's two-year winning streak. The 2015 Lincoln MKC also grabbed the honor as the CUV of Texas, and Ford was named Truck Line of Texas.
FoMoCo even took trophies for best technology with its extensive use of aluminum on its latest F-Series and best commercial vehicle for the new Transit 250. It wasn't a total sweep, though, because the Jeep Grand Cherokee grabbed the title of the SUV of Texas for the fifth straight time.
This year's event put 60 auto writers in 75 pickups, SUVs and crossovers and challenged them to find the best in a plethora of categories. All of the winners are listed below, and scroll down to read the full announcements from the Texas Auto Writers Association and Ford.