Ford May Sales Rise on Demand for Pickups

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Ford Motor Co. (NYSE: F) on Thursday reported a U.S. sales increase of 1.2% year over year in May, to 241,126 Ford and Lincoln vehicles, compared with May 2016 sales of 235,997. Passenger car sales fell 10% in the month of May.

Truck sales rose 9.4% for the month, and sales of F-Series pickups soared by 12.8%. Retail sales dropped 0.2% in May to 158,282 and fleet sales rose 8.4% to 82,844 units.

Total sales compare to an estimate of 232,000 by analysts Kelley Blue Book (KBB), which also estimated an average transaction price of $38,428, up 5% year over year and down 1.1% compared with April’s average selling price. KBB transaction prices do not include applied consumer incentives.

The company said its overall average transaction prices rose $2,100 year over year.

Sales of the Ford F-Series pickups rose 12.8% year over year in May to 76,027 units, the best May sales in 13 years. In April Ford sold 70,657 F-Series trucks, following a March sales total of 81,330.

Truck sales comprised just over 41% of all Ford-brand sales in May, and the F-Series pickups accounted for nearly 32% of total May sales.

Sales of the company’s sport utility vehicles (SUVs) posted a year-over-year increase of 4.3% in May.

Ford Fiesta sales fell 32% year over year, and only the company’s Taurus passenger car posted a year-over-year gain. Fusion sales were down 12.1% and Mustang sales fell 23.5% year over year.

Sales of the Lincoln brand rose 4.9% year over year in May as sales of Lincoln cars rose 4.6%, primarily on sales strength for the all-new Lincoln Continental. Car sales totaled 3,874 units in the month and utility vehicle sales totaled 6,414 units. SUV sales rose 5.1% year over year in May.

Ford’s stock traded up about 2.5% about 30 minutes after Tuesday’s opening bell at $11.40. The 52-week range is $10.67 to $14.04, and the 12-month consensus price target is $12.94 according to MarketWatch.