Ford (NYSE:F) stock price was boosted by stronger than expected EV sales in May. The company announced 184% more EV sales than expected, and its share price advanced by more than 7%.
Three Reasons to Buy Ford Stock
Firstly, the increase in the number of units sold in May is welcome news due to production disruptions caused by supply bottlenecks. Not only the EV division showed robust growth, but also the F-Series, up 4.7%, selling more than 300k trucks, a record rate for the company.
Secondly, Ford continues to grow its operating cash flow at a stunning rate. It exceeded 114% YoY recently and investors like the trend.
Thirdly, Ford delivered EPS surprises in the last three quarters, more than double the estimate. Its projected revenue for 2022 is a little over $150 billion.
Ford’s stock price has beaten the S&P500 return in the last twelve months.
Ford’s stock price is on “fire” as the company reported increased US sales of 4.1% in May. Sales grew by 11.3% so far in the calendar year, with the EV division soaring by 184% to 10,364 units. Investors liked the news and rewarded the stock price with a hefty 7% rise yesterday. The unveiling of a new small pickup truck next week also contributed to the rise.
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Who is Ford?
Ford is one of the oldest automobiles in the world, with a footprint on all continents. It is headquartered in Dearborn, Michigan, the United States, and was established in 1903