Ford Motor Co.
posted a surprise profit of $2.3 billion for the second quarter -- a sharp contrast to the whopping $8.7 billion loss it reported for the same period a year ago -- but the profit was largely due to one-time gains related to its debt reduction moves.
Even with those special items removed, the Dearborn automaker surprised Wall Street with a pre-tax operating loss of $424 million for the second quarter of 2009, excluding special items -- a $609 million improvement compared with the second quarter of 2008.
After taxes and excluding special items, Ford posted an operating loss of $638 million in the second quarter, or 21 cents per share, compared with a loss of $1.4 billion, 63 cents per share a year ago. That also was a marked improvement over the $1.4 billion loss -- $1.8 billion after taxes and excluding special items -- that Ford reported for the first three months of the year, when it lost 75 cents per share
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