04.Oct .2022 21:00

Ford’s sales up 16% in third quarter, despite September decline

Ford’s sales up 16% in third quarter, despite September decline
views 327
Back

Ford Motor on Tuesday said its sales in the third quarter increased about 16% compared with a year earlier, despite a larger-than-expected decline in September.

The Detroit automaker, which reports sales monthly, said it sold 142,644 vehicles last month, an 8.9% decline from a year earlier. The drop caused the automaker to miss quarterly sales expectations of Cox Automotive and Edmunds, which forecast gains of 19% and 17.8%, respectively.

Ford’s stock was up about 5% in early morning trading, outpacing a broader uptick in the market.

Ford’s vehicle sales through the quarter increased, but were down by about 4% compared to the second quarter, as the company manages through supply chain problems.

The September sales decline comes weeks after the automaker told investors that parts shortages affected roughly 40,000 to 45,000 vehicles, primarily high-margin trucks and SUVs, that haven’t been able to reach dealers. Ford also said at the time that it expects to book an extra $1 billion in unexpected supplier costs during the third quarter.

Sales of Ford’s profitable F-Series pickups were down by 27% last month from September 2021, contributing to a roughly 13% decline through the third quarter. The company sold 8,760 models of its all-electric F-150 Lightning pickup through September, including 1,918 vehicles last month, CNBC reports.