Back in November of 2006, Ford extended a buyout offer to all of their hourly production workers. It seems those buyouts, as well as other factors, are proving to have an impact on Ford’s bottom line.

Job cuts, slimmer losses in North America and good sales overseas helped Ford Motor Co. post surprise second-quarter earnings Thursday of $750 million, its first profitable quarter in two years.

The company also said the sale of its Jaguar and Land Rover subsidiaries was probable, and it said its U.S. market share rose during the quarter.

Still, President and Chief Executive Alan Mulally said investors should not think that Ford has turned the corner to consistent profitability.

“These accomplishments are something to be proud of, but we are not ready to declare victory,” he said, predicting substantial losses in the third and fourth quarters, when sales volume is traditionally lower. The company does not expect a return to full-year profitability until 2009.

Just imagine how much they would have made if they had offered buyouts to the salaried employees as well.

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