12:48 pm Decline in March Auto Sales Has Ford (F)
Before the market opened this morning, Ford (F) reported its U.S. sales numbers with total sales of 235,929 vehicles, down 3% overall. That did, however, beat the consensus expectation, which was for a 4.3% drop. Unfavorable weather has been cited as a cause for the drop, but, as we discuss below, other auto manufacturers saw sales increases in the month.
On the positive side, Ford's retail sales were actually up 1%, so demand for its car lineup did not drop off precipitously. The primary drag was a 13% dip in fleet sales. …More