Inside Ford’s F-150 Pickup Slowdown

Ford Motor Co. (NYSE: F) on Tuesday posted a U.S. sales decline of 1.3% year over year in May, to 250,813 Ford and Lincoln vehicles, compared with May 2014 sales of 254,084. May retail sales fell 2% on all models, while fleet sales were flat. Truck sales declined 5.1%.

Total sales compare to estimates of about 245,000 units from Edmunds and 249,000 from Kelley Blue Book. Both estimates were below May 2014 sales.

Sales of the all-new Ford F-Series pickups declined by 9.7% in May to 61,870 units and sales so far this year are now down 1.1%. Ford noted again that its second F-150 assembly plant in Kansas City is expected to reach its full line speed in the second quarter and that inventory continues to build as the plant comes fully online. Last month Ford noted that the Kansas City plant fills many fleet orders, especially for pickups with regular cabs and long cargo boxes.

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Ford F-150 output pinched by frame shortage, workers say

A truck carries frames for the Ford F-150 north on Interstate 75 from a supplier plant in Kentucky to Dearborn, Mich.

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WSJ에서는 1Q에 딜러에게 공급/배달되는 F-150가 전년대비 40%나 감소했고, $1B 영업이익 손해를 나가 했으며, 영업마진이 6.7%에 그쳤던 것을 10%도 거뜬이 넘기게 했을수 있다고 했습니다. 애라이~ 내려와라.

It is unclear how many units of production are affected by the shortage.

F-150 output is among Ford’s single biggest profit generators, and getting the redesigned truck up to full production since its December launch has been closely watched by investors and analysts.

Deliveries of the truck were off 40% in the first quarter compared with the same period in 2014, costing Ford about $1 billion in operating profit, or enough black ink to have lifted margins over 10%. Ford’s first-quarter North America operating margin was 6.7%.

Ford executives are hoping for a better second quarter, saying stock of the new truck will improve on dealership lots. Ford Chief Financial Officer Bob Shanks said in April, as more of the new trucks become available, full-year North American margins will grow as high as 9.5%.