Ford Makes Money
July 27, 2007

After seven quarters of losses despite cost-cutting, Ford reported a surprise second-quarter profit.

Ford posted a net profit of $750 million, compared with a loss of $317 million a year earlier. Revenue increased to $44.2 billion from $41.9 billion a year earlier.

"Overall our plan is working and is showing clear signs of progress. We have a long way to go,"€ Ford CEO Alan Mulally said Thursday in a statement. Ford is closing 16 plants, cutting up to 45,000 jobs and trying to sell Jaguar and Land Rover.

Ford said it was doing a strategic review of Volvo, which has been rumored to be up for sale. That review will conclude by year-end.

Posted by Michelle Krebs at 8:11 AM under Business , Ford , News | Comments (1) | digg this | Seed Newsvine