Ford October Sales Tumble 12%

Ford Motor Co. (NYSE: F) on Wednesday reported a U.S. sales decrease of 12% year over year in October to 188,813 Ford and Lincoln vehicles. That compared with October 2015 sales of 213,938. Truck sales fell 2.2% for the month, and sales of F Series pickups rose 0.1%.

Total sales compare to an estimate of more than 189,000 by analysts at Kelley Blue Book (KBB) had estimated Ford’s October sales at 190,000 at an average transaction price of $38,558, down 0.4% month over month and up 4.6% compared with October of last year. KBB transaction prices do not include applied consumer incentives.

The company appears to have stopped the bleeding in year-over-year F-150 sales, and the company said overall average transaction prices rose $800 month over month. Incentive spending rose $180 per vehicle year over year and fell $570 month over month. TrueCar had estimated an average incentive of $4,404 in October.

Sales of the Ford F-Series pickups rose 0.1% in October to 65,542 units. In September, Ford sold 67,809 F-Series trucks, following an August sales total of 66,9467. For the first 10 months of 2016, F-Series pickup sales are up 5% year over year.

Truck sales comprised more than 44% of all Ford sales in October, and the F-Series pickups accounted for nearly 35% of total October sales.

Sales of the company’s sport utility vehicles (SUVs) posted a year-over-year decline of 9.3% in October, although sales are up 3% for the year to date.

Edge sales tumbled by 19.4% in the month but are still 5.1% higher year to date. The Expedition saw a sales decrease of 0.8% compared with October of 2015, and year to date Expedition sales are up 43.5%. Explorer sales fell 14.1% for the month and are down 5.4% year to date.

Sales of the Transit utility van totaled 10,202 units in October, up 9% compared with October 2015 and up 28.7% year to date to a total of 122,809 units.

Sales of the Lincoln brand rose 6.9% year over year in October as sales of Lincoln cars skyrocketed 40.6% on sales of the all-new Lincoln Continental. Car sales totaled 4,028 units in the month and utility vehicle sales totaled 4,041 units. SUV sales slipped 10.3% year over year in October, but are up 12.4% for the year to date.

Ford’s stock traded down about 1.1% Wednesday¬†morning, at $11.48 in a 52-week range of $11.02 to $14.86.