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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 and Lincoln recall roundup: Explorer, F-350 Super Duty, Aviator

Ford and Lincoln released information on a flurry of recalls this morning. There are three in total, and they span different models and separate issues. Those models include the 2013-17 Ford Explorer, 2020-21 Lincoln Aviator and 2020-21 Ford F-350 Super Duty. We’ll organize these three in order of most cars recalled. 2013-17 Ford Explorer This recall includes a substantial 774,696 vehicles, of which 676,152 are in North America. Why? Ford says these vehicles “may experience a seized cross-axis ball joint that may cause a fractured rear suspension toe link.” The diminished steering control that would follow could increase the likelihood of a crash, Ford states. Only vehicles that spent time in high corrosion states should be affected, Ford says. That means places that lay salt down, experience cold weather and high humidity. Owners of these vehicles will need to take their car into the dealership, where it will be inspected to determine if it needs work. If so, Ford will replace the cross-axis ball joint/knuckle, then replace the toe links with a newly-designed part. Notifications to owners of these vehicles are scheduled to be sent out the week of August 23.  WeÂ’ll note that Ford is reporting six “allegations of injury” related to this issue. For those who donÂ’t live in the high-corrosion states/their car was never registered in those states, Ford is offering a customer satisfaction program in case you were interested in having the work done anyway. 2020-21 Lincoln Aviator Lincoln is pulling back 40,995 new Aviators due to an improperly secured battery cable wire harness. This recall applies to gasoline-only versions of the Aviator, so Grand Touring PHEV buyers neednÂ’t worry. The wire harness may contact the AC compressor pulley due to it being secured improperly. Ford says that over time, the pulley could rub through the wire harnessÂ’ insulation, resulting in a short circuit and ultimately a fire. However, Ford is not currently aware of any injuries or fires related to this concern as of now. When you bring your car in, the dealer will inspect all the parts to determine what needs to be done. Fixes range from a basic tie strap to keep the harness away from the pulley (if it hasnÂ’t made contact yet), to replacement of the wire harness and AC belt if the contact has caused damage. Owners should expect to be notified the week of July 30 if their Aviator is involved in the recall.

Want a new 2022 Lincoln Navigator? You'll have to custom order it

Lincoln showed the refreshed 2022 Navigator in August of last year, but the luxury SUV only entered production on January 18 of this year. After just three months of rolling down the line at Ford's Kentucky Truck Plant, Lincoln has closed the doors on pumping out inventory units. Ford Authority noticed the Navigator page at Lincoln's consumer web site now reads, "The 2022 Lincoln Navigator is only available for custom order. Some models, trims, and features may not be available. Please contact your local Lincoln Retailer for updates and assistance." It's a small bit of sub-optimal news for shoppers who want to hit the dealer lot and shop for an SUV like choosing a pet at a shelter. It hasn't been such a bad thing for Lincoln, though. Ford has made it intentions clear about the future of dealer inventory and custom orders, emphasizing that it wants less of the former and more of the latter. With the Navigator, that part of the plan appears to be working out, FA reporting that retail orders in February were up 291% over February 2021. Threads on the Blue Oval Forums show buyers willing to wait for their orders as well, one buyer who placed an order on January 20 still holding out for a VIN and tentative production date at the time of writing. It doesn't appear the move to custom orders is the result of overwhelming demand, however. Rather, it seems that Ford just can't make enough Navigators to satisfy what demand there is. Production issues at the Kentucky Truck Plant that also builds the Ford Expedition and Super Duty pickup have crimped output for all three models. Expedition and Navigator sales in the U.S. are both down more than 56% through the first three months of this year. Navigators that do make it out the plant doors are leaving without Active Park Assist 2.0, a standard feature on the Lincoln that is constrained on a number of Ford vehicles as well thanks to you know what. Ford is at least able to do the next best thing, which is installing an Active Park Assist 2.0 Prep Kit that screws in the sensors and hardware. When chips are available, which the automaker believes could be 12 to 18 months, an owner can stop by a dealer to have that chip installed free of charge. It's a nicer solution than a Semiconductor Shortage Package for everyone involved. Order books for the 2023 Lincoln Navigator are expected to open in two months, with production slated to start in September. Maybe things will be better then. Or not.