Ford reports slight uptick in sales that misses analysts’ expectations via /r/wallstreetbets #stocks #wallstreetbets #investing

https://www.cnbc.com/2022/07/05/ford-f-q2-2022-us-sales.html

Ford on Tuesday reported a 1.8% uptick in second-quarter sales compared to a year earlier, including a 31.5% increase in June. Analysts expected the Detroit automaker’s second quarter sales to increase between 3.3% and 5.1%. Electric Ford F-150 Lightning Electric Ford F-150 Lightning Andrew Evers / CNBC DETROIT – Ford Motor on Tuesday reported a slight increase in second-quarter new vehicle sales that missed the expectations of automotive analysts.

Ford said second-quarter sales rose 1.8% compared to a year earlier, including a 31.5% increase in June. Analysts expected the Detroit automaker’s sales to increase between 3.3% and 5.1%.

Ford easily outperformed the industry during the quarter, as overall sales were forecast to be down between 19% and 21% from the second quarter of 2021. Automakers have been scrambling to rebuild dealer inventories that have been hit hard by production cuts amid a global shortage of semiconductor chips and other key automotive components.

“Amid industry-wide supply constraints, Ford outperformed the industry driven by strong F-Series, Explorer and new Expedition and Navigator SUV sales. Combined, these vehicles represented just over 56 percent of our sales in June –up about 8 percentage points from May,” Andrew Frick, Ford vice president of sales, distribution and trucks, said in a release.

Notably, Ford’s sales of F-Series pickups improved to 57,673 units in June – their highest monthly total of 2022. The sales include the F-150, including an all-electric version, and larger variants of the pickup.

Sales of the electric F-150 Lightning continue to ramp up. Ford on Tuesday said it sold a total of 2,296 trucks, including 1,837 vehicles in June.