Ford February Sales Drop Nearly 7%, Propped Up by F-Series Trucks

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Ford Motor Co. (NYSE: F) on Thursday reported February U.S. sales fell 6.9% year over year to 194,132 Ford and Lincoln vehicles, compared with February 2017 sales of 208,440. Passenger car sales fell 12.1% in the month and sport utility vehicles (SUV) sales fell 12.3%.

Truck sales rose 1.2% for the month, and sales of F-Series pickups increased by 3.5%. Total retail sales fell 8.5% year over year in February to 123,073 units, and fleet sales dropped 3.8% to 71,059 units.

Total monthly sales compare to an estimate of 195,000 by analysts Cox Automotive. Kelley Blue Book (KBB) estimated an average transaction price of $39,710, up 1.9% year over year and down 1% compared with January’s average selling price of $40,126. KBB transaction prices do not include applied consumer incentives.

Ford said its average transaction price for the month was $36,200, compared with an industry average of $32,200. F-Series pickups posted an average transaction price of $47,200, compared with an industry average of $43,800.

Sales of the Ford F-Series pickups rose in February to 68,243 units, and F-Series transaction prices rose $1,500 year over year. Truck sales comprised 43% of February sales, and the F-Series pickups accounted for nearly 35% of total monthly sales.

Total Ford SUV sales fell by 12.3% year over year, with the Escape seeing a drop of 23.9% and Expedition a drop of 26.2% in February. Passenger car sales dropped by 12.1% year over year, with sales of Fusion up 1.3% and Focus down 3.1%. Taurus sales dropped 36.9%

Sales of the Lincoln brand slipped by 23.4% year over year in February as sales of Lincoln cars plummeted 32.6%. Car sales totaled 2,138 units in the month, and utility vehicle sales totaled 4,562 units. SUV sales fell 18.2% year over year in February.

Ford reported 89 days of total inventory, down from 106 in January and up from 79 in February of last year. Dealer stock totaled 71 days of supply, down from 87 days in January and up from 66 last year.

Ford’s stock traded down about 0.2% Thursday morning at $10.58. The 52-week range is $10.19 to $13.48, and the 12-month consensus price target is $12.20.