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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.

Ford recalls 200,000 vehicles for brake lights that won't turn off

Ford and the National Highway Traffic Safety Administration (NHTSA) announced a new recall for nearly 200,000 vehicles because their brake lights may not turn off. Drivers of affected vehicles equipped with automatic transmissions may also be able to shift the vehicles out of Park even when their foot is off the brake. That increases the risk of a rollaway and could cause a crash. According to documentation posted on NHTSA's recall hub, a separated brake pedal bumper is to blame for the issue. The recall applies to "certain 2014-2015 Fusion, Lincoln MKZ and 2015 Mustang vehicles originally sold or ever registered, in Texas, Louisiana, Mississippi, Alabama, Florida, Georgia, South Carolina, North Carolina, Virginia and Hawaii." The safety regulator adds that "exposure to certain environmental conditions, such as high temperatures, high humidity and salt air can cause the brake pedal bumper to disintegrate and separate from the brake pedal." Owners of affected vehicles should expect notification of the recall in early March. They will be directed to the dealership of their choice to have their brake pedal bumpers and clutch pedal bumpers replaced free of charge. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2022 Lincoln Navigator First Drive Review | It's greener now. Literally.

Lincoln’s latest renaissance began with the Navigator, specifically the full redesign introduced four years ago. Offering far more power than the competition established a new, common concept of effortless performance throughout the Lincoln lineup, but it was the NavigatorÂ’s striking new interior design that really moved the needle and made people, including car reviewers like us, take notice. Subsequent Lincoln interiors evolved from that design and enjoyed similar praise, so it should come as no surprise that the updated 2022 Lincoln Navigator builds upon its trademark element. Frankly, itÂ’s unusual for interior design to so strongly embody a brandÂ’s identity, yet a senior Lincoln official confirmed thatÂ’s exactly what the company sought to do with the Navigator and others. The exterior would be tidy and handsome, but to really stand out in a crowded luxury field, the brand chose to instead focus on creating a bold, unique interior. Clearly inspired by LincolnÂ’s midcentury glory years, but not attempting to copy it in chintzy plastic as Lincolns of the 2000s did, the Navigator cabin continues to look nothing like those of its competitors. ItÂ’s classy, itÂ’s special and when done up in Black Label “themes,” it can be uniquely colorful as well. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. For 2022, the most colorful of themes — “Destination” and its stem-to-stern coating of oxblood red — is discontinued. Boo. Apparently, it was popular in LincolnÂ’s top market of China. Less so in the United States, so it gets ousted in favor of the new “Central Park” theme shown here. The primary element is the “Urban Green” hue with leather perforations that form the outlines of a New Yorkesque skyline. ItÂ’s exclusively paired with stunning open-pore wood embossed, in gold no less, with a map of ManhattanÂ’s grid and the titular Central Park. ItÂ’s a fitting alternative to the carryover themes of “Yacht Club” (the blue one) and “Chalet” (shades of brown and beige), plus the new “Invitation” theme that features black accented in a different gold-embossed wood for those who are less adventurous. The interiorÂ’s only noteworthy aesthetic change for 2022 is also a functional one: the 10-inch touchscreen has been replaced by a 13.2-inch widescreen unit.