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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.

Lincoln Aviator concept takes a shine to Shinola

At the Pebble Beach Concours d'Elegance, Lincoln is displaying a special Aviator concept that was created in collaboration with the Detroit-based Shinola brand of watches and accessories. The SUV features unique exterior design elements, but the most eye-catching aspects are found in the cabin. The interior is awash in Shinola's whiskey-colored leather, which for once in an automobile actually looks like real cowhide. The rich, brown hue contrasts sharply with off-white cloth seat inserts and more off-white on the dash and door panels. Tying the two colors together is a neat center stripe on the seats that is another Shinola signature design element. The dash and center console also are adorned with a metal mesh trim, said to be inspired by Shinola watch bands. The exterior, meanwhile, is finished in pearl white, similar to Shinola's mother of pearl watch faces. The wheels and grille insert are matte copper. For now, the Aviator Shinola concept is just a design exercise. But a good portion of the Lincoln brand's recent comeback can be attributed to its emphasis on interior design, and specifically, an imaginative use of color and materials. So, we could see Lincoln making a collaboration like this official. After all, they've done it before. A Shinola Aviator is just the hipper, modern version of the same idea that sold the Continental Mark V back in the day, as the commercial below reminds us. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Surprise! More Ford and Lincoln cars found with marijuana

Ford is starting to have a serious problem on its hands. Today, ABC 7 in Detroit reported that another batch of Ford Fusion and Lincoln MKZ cars were found packed with 227 pounds of marijuana. This is a little over a week after Fords in Ohio were found stuffed with marijuana and only about two months after Fords in Minnesota were found full of weed. All of the cars traveled on train from Mexico to their destination. All in, several thousand pounds and several million dollars worth of marijuana has been discovered. According to the report, Immigration and Customs Enforcement found the cars at the Ford Rail Distribution Facility in Woodhaven, Michigan, just south of Ford's world headquarters in Dearborn. ICE became involved after a Ford employee reported the cars to Woodhaven police. It's unclear when and where the cars were packed with marijuana. With the cars in Minnesota, it's believed that the weed was added after leaving the factory but before being loaded on the train. Spare tires were removed and the space was used to smuggle the marijuana. Related Video: