Hurricane Recovery Boosts Auto Sales

Hurricane Recovery Boosts Auto Sales

For the first nine months of the year, overall industry sales were down 1.8 percent.

Ford said truck sales rose 20 percent, with F-series deliveries topping 80,000 units last month - marking only the third September on record that milestone has been achieved.

Ford Motor Company (F) advanced 2.3% or 27 cents to $12.36 after the automaker reported total US sales in September jumped 8.7% to 222,248 units and retail sales were advanced 4.4% to 169,544 units.

The largest reduction in September fleet sales came from the Jeep brand, by 67 percent year over year.

Through September, Ford Canada's sales are up 3.1% at 246,235 vehicles delivered.

Fusion sales increased 3.3% to 21,253 units and Focus sales jumped 5.3% to 11,751 units.

The Honda division, up 7.4 percent, drove a 6.8 percent increase at American Honda, with Acura advancing 1 percent. In 2016, the company didn't reach the 100,000 threshold until October. But the new, smaller Nissan Qashqai compact SUV was the automaker's second-best seller with 1,553 units sold.

Toyota Motor Corp. sales rose 15 percent, with deliveries rising 17 percent at the Toyota brand and 1.5 percent at Lexus.

Infiniti's top seller in September was the QX60 with 525 sold, up 63 percent. While the company said five vehicles - the Jeep Renegade, Chrysler Pacifica, Ram ProMaster and Ram ProMaster City - "recorded their best September sales ever", fleet sales were down 41 percent from past year in an effort to "reduce sales to the daily rental segment".

Net income in the quarter plunged 16.9% to $8.3 million or 32 cents per diluted share from $10 million or 38 cents in the same quarter past year.

AZZ Inc (AZZ) slumped 2.1% or $1.05 to $49.15 after the electrical equipment and engineered services provider said revenues in the second-quarter ending in August fell 2.4% from a year ago to $190.4 million.

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Christopher Hopson, manager of light-vehicle forecasting for IHS Markit, said September had a ideal mix of hurricane replacement demand, high incentives, rising fleet sales and strong sales of outgoing 2017 models.

Sales rose 9.3 percent at the Ford division and 0.1 percent at Lincoln. Ford Motor Co., up 8.9 percent, snapped a three-month losing streak. Fleet sales represented 16% of total FCA U.S. September sales.

Sales at No. 1 USA automaker General Motors Co jumped almost 12 per cent versus September 2016 as a 43 per cent increase in sales of crossovers and a 10 per cent rise for pickup trucks offset an 11 per cent decline for passenger cars.

John Roth, GM Canada's vice president of sales, credits the strong sales to what he called the industry's "newest and most diverse product lineup".

It was a particularly strong month for light trucks, with sales advancing 12 percent, while vehicle demand remained weak and down 3.3 percent.

GM's strong month was driven by sales of crossover vehicles, which were up 43 percent over a year ago.Truck sales were up 10 percent, while the demand for cars fell 11 percent. Dodge brand sales tumbled 30% to 29,938 vehicles. Sales of the Tacoma pickup, Highlander large crossover and Sienna minivan were all up. Sales of the two sedans were up 31.1 percent and 9.8 percent, respectively.

And Edmunds says 2018 models represented only 16 percent of total sales last month as consumers took advantage of fatter deals on outgoing models.

The automaker made gains in both the auto and truck segments. Sales in Ford SUVs grew 1% to 62,803 units. But sales aren't expected to be strong enough to match last year's record of more than 17.5 million. Audi also posted a solid gain of 9.6%. Of major automakers, only Fiat Chrysler and Hyundai reported sales declines.

Chrysler brand sales were down 33 percent to 597 vehicles.

FCA US, meanwhile, dropped 10 percent as the company searches for its first advance in more than a year.

Every FCA US brand aside from Alfa Romeo posted a decline.