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Ford (F) Q1 Deliveries Up 10% Y/Y on High F-Series Truck Demand
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Ford (F - Free Report) released its first-quarter 2023 vehicle sales data yesterday. The U.S. legacy automaker registered sales of 475,906 units, up 10.1% year over year. Soaring demand for F-Series trucks, Bronco and Explorer SUVs, and electric vehicles largely contributed to the sales growth.
Ford’s total truck sales jumped 19.6% year over year to 254,023 units during the quarter under discussion. Sales of Ford F-Series—America’s best-selling truck—totaled 170,377 units, up 21%. A total of 4,291 F-150 Lightning e-trucks were sold in the first quarter of 2023, rocketing from 254 units delivered in the corresponding period of 2022. Ford remains on track to expand the production of its e-truck to an annual production run rate of 150,000 this year. Sales of Maverick and E-Series were up 11.6% and 49.8%, respectively. Ford Pro’s Transit vans sales jumped 86% to 32,015 units. To meet the strong demand for Transit and e-Transit vans, Ford will expand production capacity at its Kansas City Assembly Plant.
Sales of SUVs inched up 1.7% in the quarter to 207,142 units. While Bronco, Explorer and Expedition SUVs witnessed double-digit percentage sales growth, deliveries of EcoSport, Mustang Mach-E and Edge brands declined. Sales of Bronco, Explorer and Expedition totaled 32,430, 58,061 and 19,356 units, soaring 37.6%, 35.9% and 99.2%, respectively. The best-selling, three-row midsize SUV in America was the Ford Explorer.
Ford’s electric vehicle sales totaled 10,866 units, up 41% on a yearly basis. The auto giant has been taking huge strides in the electrification domain. Last year, in one of the boldest steps taken under the leadership of CEO Jim Farley, Ford unveiled its ambitious rejig plan to split its EV business into a separate unit within the company. While Ford Blue will focus on the firm’s legacy gas-powered business, Ford Model e will focus on EVs, advanced technologies and several related aspects to support electrification plans. Meanwhile, Ford Pro will deal with commercial vehicles and services.Effective first-quarter of 2023 results, to be released on May 2, Ford will report its automotive results under these three business segments (Ford Model e, Ford Blue and Ford Pro). Till now, it used to report based on geographical regions.
Zacks Rank & Key Picks
Ford currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked players in the auto space include PACCAR (PCAR - Free Report) , General Motors (GM - Free Report) and Blue Bird (BLBD - Free Report) . Each of these companies carries a Zacks Rank #2 (Buy).
PACCAR is one of the leading names in the trucking business, with reputed brands like Kenworth, Peterbilt and DAF. The Zacks Consensus Estimate for PCAR’s 2023 EPS has moved north by 13 cents in the past 30 days and indicates year-over-year growth of 14%. PACCAR currently has a VGM Score of A.
General Motors is one of the world’s largest automakers, which held the largest share of the U.S. auto market at 17.09% in 2022. The Zacks Consensus Estimate for GM’s 2023 EPS has moved north by 10 cents in the past 30 days. The same for 2024 EPS has gone up by 13 cents over the past 60 days. The company currently carries a VGM Score of A.
Blue Bird is engaged in the designing, engineering, manufacturing and sale of school buses and related parts. The Zacks Consensus Estimate for BLBD’s fiscal 2023 and 2024 sales implies year-over-year growth of 24% and 26%, respectively. The consensus mark for fiscal 2023 and 2024 EPS implies year-over-year growth of 140% and 227%, respectively. Blue Bird currently has a VGM Score of A.
Image: Bigstock
Ford (F) Q1 Deliveries Up 10% Y/Y on High F-Series Truck Demand
Ford (F - Free Report) released its first-quarter 2023 vehicle sales data yesterday. The U.S. legacy automaker registered sales of 475,906 units, up 10.1% year over year. Soaring demand for F-Series trucks, Bronco and Explorer SUVs, and electric vehicles largely contributed to the sales growth.
Ford’s total truck sales jumped 19.6% year over year to 254,023 units during the quarter under discussion. Sales of Ford F-Series—America’s best-selling truck—totaled 170,377 units, up 21%. A total of 4,291 F-150 Lightning e-trucks were sold in the first quarter of 2023, rocketing from 254 units delivered in the corresponding period of 2022. Ford remains on track to expand the production of its e-truck to an annual production run rate of 150,000 this year. Sales of Maverick and E-Series were up 11.6% and 49.8%, respectively. Ford Pro’s Transit vans sales jumped 86% to 32,015 units. To meet the strong demand for Transit and e-Transit vans, Ford will expand production capacity at its Kansas City Assembly Plant.
Sales of SUVs inched up 1.7% in the quarter to 207,142 units. While Bronco, Explorer and Expedition SUVs witnessed double-digit percentage sales growth, deliveries of EcoSport, Mustang Mach-E and Edge brands declined. Sales of Bronco, Explorer and Expedition totaled 32,430, 58,061 and 19,356 units, soaring 37.6%, 35.9% and 99.2%, respectively. The best-selling, three-row midsize SUV in America was the Ford Explorer.
Ford’s electric vehicle sales totaled 10,866 units, up 41% on a yearly basis. The auto giant has been taking huge strides in the electrification domain. Last year, in one of the boldest steps taken under the leadership of CEO Jim Farley, Ford unveiled its ambitious rejig plan to split its EV business into a separate unit within the company. While Ford Blue will focus on the firm’s legacy gas-powered business, Ford Model e will focus on EVs, advanced technologies and several related aspects to support electrification plans. Meanwhile, Ford Pro will deal with commercial vehicles and services.Effective first-quarter of 2023 results, to be released on May 2, Ford will report its automotive results under these three business segments (Ford Model e, Ford Blue and Ford Pro). Till now, it used to report based on geographical regions.
Zacks Rank & Key Picks
Ford currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked players in the auto space include PACCAR (PCAR - Free Report) , General Motors (GM - Free Report) and Blue Bird (BLBD - Free Report) . Each of these companies carries a Zacks Rank #2 (Buy).
PACCAR is one of the leading names in the trucking business, with reputed brands like Kenworth, Peterbilt and DAF. The Zacks Consensus Estimate for PCAR’s 2023 EPS has moved north by 13 cents in the past 30 days and indicates year-over-year growth of 14%. PACCAR currently has a VGM Score of A.
General Motors is one of the world’s largest automakers, which held the largest share of the U.S. auto market at 17.09% in 2022. The Zacks Consensus Estimate for GM’s 2023 EPS has moved north by 10 cents in the past 30 days. The same for 2024 EPS has gone up by 13 cents over the past 60 days. The company currently carries a VGM Score of A.
Blue Bird is engaged in the designing, engineering, manufacturing and sale of school buses and related parts. The Zacks Consensus Estimate for BLBD’s fiscal 2023 and 2024 sales implies year-over-year growth of 24% and 26%, respectively. The consensus mark for fiscal 2023 and 2024 EPS implies year-over-year growth of 140% and 227%, respectively. Blue Bird currently has a VGM Score of A.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.