Ford surprises Wall Street

Ford Motor Co. surprised Wall Street on Thursday with a $100 million profit in the first quarter as strong results from Europe and South America helped offset the impact of a slumping U.S. economy that cut car and truck sales in its main market. Its shares rose almost 6 percent.The No. 2 U.S.-based automaker also said its latest round of early retirement and buyout offers netted 4,200 hourly workers, fewer than Ford had targeted. It was the company's first profitable quarter since the second quarter of 2007, when it earned $750 million. Ford reported a full-year loss of $2.7 billion last year, and cautioned that the rest of this year will be tough.

"The remainder of 2008 will be a challenge but we are cautiously optimistic despite the external challenges," CEO Alan Mulally said in a statement. "Our plan is working."