Ford's (F) Lovely Quarter

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Ford (F) surprised everyone, including Wall St.

The company reported a net profit of 31 cents per share, or $750 million, for the second quarter of 2007. This compares with a net loss of 17 cents per share, or $317 million, in the second quarter of 2006.

Ford’s second-quarter revenue was $44.2 billion, up from $41.9 billion a year ago.

On a pre-tax basis, worldwide Automotive sector profits in the second quarter were $378 million. This compares with a pre-tax loss of $716 million during the same period a year ago. The improvements were more than explained by favorable net pricing and cost reductions, partially offset by unfavorable currency exchange

In the second quarter, Ford North America reported a pre-tax loss of $279 million, compared with a pre-tax loss of $789 million a year ago.

Ford Europe’s second-quarter pre-tax profit was $262 million, compared with a pre-tax profit of $185 million during the same period in 2006.

The Premier Automotive Group reported a pre-tax profit of $140 million for the second quarter, compared with a pre-tax loss of $162 million for the same period in 2006.

Shares rose almost 3% in the pre-market.

Douglas A. McIntyre