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Ford's (F) 3 Recalls on Separate Issues Impact 350K+ Vehicles
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Ford Motor (F - Free Report) recently issued a series of three recalls covering 350,000 vehicles on separate issues.
The first recall includes 39,000 vehicles that face the risk of engine fires, and owners have been instructed to park the vehicles outdoors. The company stated that the fires can happen even while the engines are shut down. It has reported 16 fires under the hood, 14 in rental company vehicles and one case of human injury. So the company has advised the owners to park the SUVs outdoors and away from buildings as no cases of fires extending to any building have yet been reported.
Of the 16 fires, 12 happened while the SUV engines were turned off, Ford said in a prepared statement.
On an urgent basis, Ford will mail customers as soon as it is prepared with a list of vehicle owners and addresses.
The team is actively working to arrive at mitigating efforts and a remedial solution.
Per the company, cases of fires have been limited to SUVs built from Dec 1, 2020, to Apr 30, 2021. It began investigating fire reports on Mar 24.
The automaker also is recalling about 310,000 heavy-duty trucks because the driver’s airbag may not inflate in a crash.
The second recall covers certain 2016 F-250, 350, 450 and 550 trucks that face the risk of dust accumulating into the airbag wiring in the steering wheel that eventually disconnects the electricity. Dealers will replace the steering wheel wiring. Owners will be notified by mail starting Jul 5.
The third recall impacting 464 electric Mustang Mach-E SUVs from 2021 concerns a software issue that can cause unwanted acceleration, deceleration or a loss of drive power in all-wheel-drive vehicles.
The problem will be fixed by dealers or by an online software update. Owners will be notified by letter around May 30.
Shares of Ford have gained 2.9% over the past year against its industry’s 12.4% decline.
BRP Group has an expected earnings growth rate of 9.2% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.2% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 15.3% over the past year.
Genuine Parts has an expected earnings growth rate of 13% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 2.5% upwards in the past 60 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 11.34%, on average. The stock has gained 0.4% over the past year.
Standard Motor has an expected earnings growth rate of 1.4% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 2% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has lost 13% over the past year.
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Ford's (F) 3 Recalls on Separate Issues Impact 350K+ Vehicles
Ford Motor (F - Free Report) recently issued a series of three recalls covering 350,000 vehicles on separate issues.
The first recall includes 39,000 vehicles that face the risk of engine fires, and owners have been instructed to park the vehicles outdoors. The company stated that the fires can happen even while the engines are shut down. It has reported 16 fires under the hood, 14 in rental company vehicles and one case of human injury. So the company has advised the owners to park the SUVs outdoors and away from buildings as no cases of fires extending to any building have yet been reported.
Of the 16 fires, 12 happened while the SUV engines were turned off, Ford said in a prepared statement.
On an urgent basis, Ford will mail customers as soon as it is prepared with a list of vehicle owners and addresses.
The team is actively working to arrive at mitigating efforts and a remedial solution.
Per the company, cases of fires have been limited to SUVs built from Dec 1, 2020, to Apr 30, 2021. It began investigating fire reports on Mar 24.
The automaker also is recalling about 310,000 heavy-duty trucks because the driver’s airbag may not inflate in a crash.
The second recall covers certain 2016 F-250, 350, 450 and 550 trucks that face the risk of dust accumulating into the airbag wiring in the steering wheel that eventually disconnects the electricity. Dealers will replace the steering wheel wiring. Owners will be notified by mail starting Jul 5.
The third recall impacting 464 electric Mustang Mach-E SUVs from 2021 concerns a software issue that can cause unwanted acceleration, deceleration or a loss of drive power in all-wheel-drive vehicles.
The problem will be fixed by dealers or by an online software update. Owners will be notified by letter around May 30.
Shares of Ford have gained 2.9% over the past year against its industry’s 12.4% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
F currently carries a Zacks Rank #3 (Hold).
Better-ranked players in the auto space include BRP Group, Inc. (DOOO - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Genuine Parts Company (GPC - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
BRP Group has an expected earnings growth rate of 9.2% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.2% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 15.3% over the past year.
Genuine Parts has an expected earnings growth rate of 13% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 2.5% upwards in the past 60 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 11.34%, on average. The stock has gained 0.4% over the past year.
Standard Motor has an expected earnings growth rate of 1.4% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 2% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has lost 13% over the past year.