After enduring seven straight quarters of losses to cost-cutting and re-tooling of basic operations, the Ford Motor Co. announced today that it posted a second-quarter profit.

The troubled automaker reported a net profit of $750 million over figures for the same period last year, which reflected a loss of $317 million.

The company's automotive operations accounted for $378 million of the total profit figure (before taxes and special charges) while the finance arm contributed another $62 million.

In response to the announcement shares of Ford rose in pre-market trading to $8.20 up from $7.97.

Currently Ford is in the process of closing down sixteen production plants and slashing some 45,000 jobs as well as entering negotiations with the United Auto Workers to reduce its burden of retiree and health care benefit expenses.

The company is openly exploring the sale of two of its luxury units, Jaguar and Land Rover, with pundits saying Volvo is also headed for the sale block. Ford denies the Volvo rumors and says it is merely conducting a "strategic review" of the nameplate's operations.

In commenting on the earnings announcement, Alan Mulally, Ford CEO, said, "Overall our plan is working and is showing clear signs of progress." At the same time, however, Mulally admitted, "We have a long way to go."

Ford, like all major American automotive manufacturers, has struggled in recent years against rising competition from Asian brands that benefit from lower labor costs and offer the public less expensive and more efficient vehicles.