Ford Motor Co. (NYSE: F) on Tuesday reported March sales rose 3.4% year over year to 244,306 Ford and Lincoln vehicles, compared with March 2017 sales of 236,250. Passenger car sales fell 8.1% in the month, while sport utility vehicle sales rose 7.5%.
Truck sales rose 6.7% for the month, and sales of F-Series pickups increased by 7% to 87,011 units. Total retail sales rose 0.8% year over year in March to 158,996 units, and fleet sales rose 8.7% to 85,310 units.
Total monthly sales compare to an estimate of 238,000 by analysts Cox Automotive. Kelley Blue Book estimated an average transaction price of $37,794, up 0.7% year over year and up 0.1% compared with February’s average selling price of $37,760. KBB transaction prices do not include applied consumer incentives.
Ford said its average transaction price for the month was $36,300. F-Series pickups posted an average transaction price of $46,800.
Sales of the Ford F-Series pickups rose in March to 87,011 units, and F-Series transaction prices rose $1,700 year over year.
Truck sales comprised 44.7% of March sales, and the F-Series pickups accounted for 35.6% of total monthly sales.
Total Ford SUV sales rose by 7.5% year over year in March, with the Explorer seeing an increase of 3.9% and the Edge an increase of 18.7%.
Passenger car sales dropped by 8.1% year over year with sales of Fusion down 14.2% and Fiesta down 9.5%. Taurus sales dropped 36.3%
Sales of the Lincoln brand slipped by 2.1% year over year in March as sales of Lincoln cars plummeted 23.9%. Car sales totaled 2,635 units in the month and utility vehicle sales totaled 6,717 units. SUV sales rose 10.3% year over year in March.
Ford reported 82 days of total inventory, down from 89 in February and up from 80 in March of last year. Dealer stock totaled 66 days of supply, down from 71 days in February and flat with last year.
Ford’s stock traded up about 2% Tuesday morning to $11.08. The 52-week range is $10.14 to $13.48 and the 12-month consensus price target is $12.39.
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