Ford has reported a profit of $100m in the first quarter of 2008 in a surprise turnaround for the struggling car maker.
It swung into profit from a loss of $282m in the same period a year ago and a $2.7 billion loss for all of 2007. The profit amounted to five cents a share, far better than the average analyst estimate for a loss of 16 cents.
Revenues excluding once-off items fell 8.3% to $39.4 billion for the quarter but this figure was also better than analysts' estimates.
The results do not include the recent sale of British subsidiaries Jaguar and Land Rover to India's Tata Motors as part of a massive reorganisation.
'The results of this quarter are encouraging, particularly our outstanding performance in Europe and South America,' said Ford president and chief executive Alan Mulally.
