WaPo: Ford (Motor Company) Swings to Surprise Profit

[Penndems]

By Howard Schneider
Washington Post Staff Writer
Thursday, July 26, 2007; 10:42 AM

Ford Motor Co. posted its first quarterly profit in two years Thursday morning, as aggressive cost-cutting and surging overseas sales in China and elsewhere helped bring the historic company a step back from the financial brink.

The company said it earned $750 million over the last three months. While much of that came from the sale of its Aston Martin unit, the Michigan automaker -- part of America's industrial identity and a candidate for bankruptcy after steep losses last year -- earned $258 million making and selling cars.

The company is in the midst of a restructuring that has seen it shed 30,000 jobs and idle several plants since 2005. During a conference call with financial analysts this morning, executives said those efforts are likely to expand: Ford officials confirmed it is "probable" the company will sell its Jaguar and Land Rover brands, and said they are also exploring a sale of the Volvo unit.

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"There is no doubt we are making progress" towards that goal, Ford chief executive Alan Mulally said during the morning conference call. "Going forward, our fundamental assumption is that we will be competitive."

Link: http://www.washingtonpost.com/wp-dyn/content/article/2007/07/26/AR2007072600408.html?hpid%3Dtopnews&sub=AR

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If Ford's profits continue on the upswing, maybe those 30,000 workers it laid off will be rehired.