2004 Lincoln Town Car Signature Sedan 4-door 4.6l on 2040-cars

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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.

2021 Lincoln Corsair Grand Touring First Drive Review | Efficient, stylish and value-packed

With the introduction of the compact Corsair Grand Touring, Lincoln adds its second plug-in hybrid model. Like its bigger Aviator sibling, the plug-in Corsair shares technology with a Ford, but provides additional performance and a substantially improved interior that make it a credible luxury vehicle. And compared to other small plug-in SUVs, the Lincoln has pluses and minuses, but still is an attractive package for the right buyer thanks to strong value, efficiency and style. The Lincoln Corsair Grand Touring, like its internal-combustion counterparts, is based on the Ford Escape. Up front, it uses the same naturally aspirated 2.5-liter four-cylinder and electric motor as the Ford Escape PHEV, not to mention a motor-based CVT. But it picks up a rear-mounted permanent-magnet motor to provide additional power and all-wheel drive. It makes 266 horsepower combined, an increase of 46 ponies over the Ford. Compared with other Corsairs, it's just 16 horsepower more than the base Corsair with its turbocharged 2.0-liter engine, and it's down 26 horsepower from models with the optional turbo 2.3-liter engine. It's low on power compared to other slightly larger plug-in competitors such as the 304-horsepower Lexus NX 450e as well as the Audi Q5 E-Tron and BMW X5 xDrive45e, both of which make more than 350 horsepower. On the other hand, the Lincoln offers strong fuel efficiency. On a full charge, it can go an EPA-rated 28 miles on electricity. Running in gasoline-only mode, it gets 33 mpg. The aforementioned BMW can go 31 miles on a charge, but gets a paltry 20 mpg on gasoline only. The Q5 only goes 19 miles on a charge and gets 27 mpg on gas. The Lexus is the only one to top the Lincoln with 37 miles of EV range, and a gas-only fuel economy of 36 mpg. In practice, the Lincoln is, as you would expect of the numbers, no sports car, focusing instead on smoothness and reasonable refinement. Power delivery is extremely smooth, and there's no noticeable vibration added when the gas engine comes into play. You will hear it when it comes on, though, and it's not especially smooth. Thankfully, Lincoln has added more sound deadening as well as active noise cancellation to the Corsair in comparison to the Escape, so overall engine volume is low. Also, while the Corsair isn't fast, the torque from the electric motors means it's nippy around town. Being a plug-in hybrid, some of the Corsair's appeal is the ability to drive on full electric power.

Submit your questions for Autoblog Podcast #311 LIVE

We record Autoblog Podcast #311 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Also for episode #311, Dan, Zach and Autoblog Editor-in-Chief John Neff chatted with Dan Greenawalt, Creative Director of Turn 10 Studios, about Forza Horizon. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
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