Ford Makes Money

Ford Makes Money

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.

Michelle Krebs:  is Editor-in-Chief of AutoObserver.com. Follow @AutoObserver on Twitter.