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Ford Driving Toward Strong Numbers

Though supply-chain issues and global chip shortages remain challenging, the Ford Motor Company (NYSE: F) reported improved vehicle sales in the U.S. on a sequential basis for March on the back of enhanced production and inventory. However, sales were down on a year-over-year basis. 

Ford Motor is a global automobile company and is the third-largest car manufacturer in the United States. The company is engaged in designing, manufacturing, and selling cars, trucks, and automobile parts. 

Vehicle Numbers 

Ford reported a 25.6% year-over-year decline in total U.S. sales in March 2022 to 159,328 vehicles. Total truck sales dipped 34.4% to 74,420, while sales of SUVs were down 9.4% to 81,280. 

However, on a sequential basis, retail sales grew 23.2% from February, while SUVs were up 39.2%. Additionally, truck and van sales jumped 12.5%. 

Encouragingly, Ford’s electrified vehicles surged 16.9% year-over-year to 13,772 in March.  

Per the company’s report, retail orders at dealers increased 33% year-over-year to a record 88,000 orders in March. Remarkably, F-Series hit a new record of 50,000 retail orders in March, up 38,000 from the prior year. 

Additionally, Ford’s new Maverick recorded its best month of sales performance since its launch.  

Yet, the Mustang Mach-E sales came in at 2,363, down 10.4% year-over-year. 

Nevertheless, per the report, “Ford’s newest vehicles, Bronco, Bronco Sport, Mustang Mach-E. and Maverick, together are conquesting from competitive vehicles at a rate of 62% in March.” 

Official Comments  

Andrew Frick, VP, Ford Sales, Distribution, and Trucks, said, “While the global semiconductor chip shortage continues to create challenges, we saw improvement in March sales, as in-transit inventory improved 74 percent over February…Ford is ready to deliver and positioned well for spring sales growth.” 

Wall Street’s Take 

Recently, Wells Fargo analyst Colin Langan maintained a Buy rating on the stock but lowered the price target to $25 (50.06% upside potential) from $26. 

The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on seven Buys, six Holds, and two Sells. The average Ford price target of $22.53 implies 35.23% upside potential from current levels. Shares have gained 32.54% over the past year. 

Bloggers Weigh in  

Bloggers seem enthused by the company’s numbers. TipRanks data shows that financial blogger opinions are 87% Bullish on Ford, compared to a sector average of 68%.

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