Most analysts expected Ford to lose money in the second quarter, but the automaker said it actually earned $750 million--its first profitable quarter in two years. The company also confirms it is exploring the sale of its Jaguar and Land Rover subsidiaries, and says it is conducting a strategic review of Volvo "that likely will conclude prior to year end."
Ford also reports that its U.S. market share reversed its decline, rising to 15.6% for the quarter from 15.1% in the first quarter. It was 16.7% in the second quarter of 2006.
Despite the quarterly earnings, the company says it still doesn't expect to post an annual profit until 2009. Although its core North American operations showed improvement, they still posted a pretax loss of $279 million, compared with a pretax loss of $789 million a year ago. Ford's Premier Automotive Group--which includes Jaguar, Land Rover and Volvo--reported a pretax profit of $140 million for the quarter. All brands advanced.