Ford Turns 1st Quarterly Profit in 2 Years

In a surprise turnaround, Ford reported a $750 million quarterly profit today, ending seven quarters in the red by declaring earnings of 31 cents per share. Excluding profits related to the sale of Aston Martin and job cuts, the figure was 13 cents per share ($258 million), Bloomberg reports. Ford stock lost 17 cents a share in 2Q 2006.

Overseas, Ford is gaining ground, but domestic sales of pickups and SUVs are still falling. "We are not ready to claim victory," said new CEO Alan Mulally, who plans to close 16 of 41 North American plants by 2012 and further reduce spending. The company is also entertaining bids for Land Rover and Jaguar, and conducting a review of Volvo. (More automaker stories.)