Ford's second quarter 2019 income fell 86 percent to just $148 million. The result is largely due to one-time charges related to its restructuring of operations globally. Excluding the one-time items, Ford's income before interest and taxes fell just 2% to $1.65 billion. Global revenue was flat year over year at $38.9 billion.
The charges are primary caused by plant closures in Europe and South America. Ford has said it would cut 12,000 jobs in Europe by the end of 2020. Ford's sales in the US have fallen 7 percent, including a large decline in Ford Explorer sales as the company moves the nameplate to a new rear wheel drive platform. Ford CEO Jim Hackett said that the changover was a "bigger endeavor" than overhauling the F-150 to an aluminum body.