Ford F-Series Doubles Ford Earnings
It was just a week ago that Ford announced it reported net earnings to the world of $1.9 billion. Yes, that’s BILLION with a B. That figure is more than double its year ago result. Ford was able to make good on the promises it made back in 2014 and this figure only further supports that theory.
The major contributor to these record sales is Ford’s F-Series. The F-150 has a ridiculous amount of influence on Ford sales. It has the ability to crush sales when it was in short supply or like now with inventories strong, it can contribute to record profits. Ford’s best ever North American quarterly pretax profits were $2.7 billion and the Ford F-Series helped drive those numbers. These figures are more than double what Ford delivered in the same period just one year ago.
Ford sells about 700,000 pickups annually in the U.S., making it a high-volume, high-margin vehicle sold in the most profitable market, said Bob Shanks, chief financial officer. F-Series pickups have an average transaction price of $42,000 which is $2,000 higher than a year ago.
The F-Series had the best third quarter sales in nine years. “The Ford team delivered an outstanding quarter with record third quarter profit, best quarter ever for North America, higher wholesales, higher revenue, higher market share and improved margin," said CEO Mark Fields. "We are delivering a breakthrough year."
The North American profits increased to 128% from the 1.4 billion it did last year. The profit margin also gained exponentially from 7.1% in 2014 to 11.3% in 2015. 2014 was one of the lowest margins for a quarter in years. And large part of those record low margins was due to a low stock in the F-Series.
Ford expects the upcoming fourth quarter will be just as strong, if not stronger than the third quarter. Ford is expected to be releasing several discounts on the line of vehicles. Ford is expected to offer the “Friends and Family” discount to consumers. Consumers will be able to go online and see what the “Friends and Family” discount would be on any 2014-2016 Ford vehicle and then print that offer out and take it to their local dealership to save hundreds to thousands on certain Ford vehicles. In addition, Ford will offer a sizable Black Friday discount on their vehicles.
"We feel really good about where we're heading in the fourth quarter and into next year," Fields said. And we would have to agree. Record profits, record sales, major yearend discounts…these are all excellent reasons to believe that Ford has drafted the blue print to ultimate success.
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