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Ford Sees 'Road Bump' in China; F-150 Sales Strength Continues

7/28/15 1:39 PM EDT
Ford Motor (F) posted second quarter results that topped Wall Street forecasts on continued strength in North America and strong sales of the Ford Edge and the F-150 truck. For the quarter, Ford earned $0.47 a share, ten cents better than estimates and on the top line it posted sales of $37.3 billion, that was roughly a billion dollars better expected. Looking ahead to the second half of 2015, Ford's CFO Bob Shanks said, 'one of the factors will be that F-150 will be at full production and at the appropriate stock levels by the end of the third quarter.' The automaker says it has seen record transaction prices on the F-150 and incentives have averaged around $3,900 for each truck. Shanks said it's likely the incentives will grow as the truck moves through its life cycle, but the company expects transaction prices to remain 'well-above' where they've been in the past. But, despite the upbeat outlook, Shanks said sales in China are a concern. Commercial sales slid 10 percent in the first half of the year and passenger vehicle sales were up roughly one percent. Shanks attributes the issues to weakness in consumer confidence and the government's moves away from being an export economy. The automaker lowered its overall industry sales forecast for China to between 23 million and 24 million vehicles, from its previous estimate of 24.5 million to 26.5 million at the start of the year.
Stocks in this video: FAAPLGOOG
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