9:00am -- holy cow -- Ford had a profitable quarter for the first time in two years. Ford reported revenue of $44.2 billion for the quarter, a 5.5% gain over the $41.6 billion reported in the year-ago period. The automaker's automotive sector made $378 million for the quarter, compared with a hefty loss of over $700 million in the year-ago quarter.

9:03am -- disclaimers are being read here. Still waiting for Mullaly and Co. to jump in. Mullaly takes the call and begins going over the highlights for the quarter.

9:07am -- the sale of Land Rover and Jaguar is under review. Mulally hints that both of these divisions "most likely" will be sold, and a full review of Volvo is underway as well. No surprises here, and he basically admits that these three divisions will be sold soon.

9:11am -- here is a snapshot of Ford's Q2 results:

• Revenue of $44 billion, 6 percent above second quarter 2006.
• Net income of $750 million, or 31 cents per share, for the second quarter of 2007.
• Profit of $258 million, or 13 cents per share, from continuing operations excluding special items.
• Significant year-over-year improvement for all Automotive operations.
• Ford Motor Credit pre-tax profit of $112 million.
• Cost reductions of $600 million; $1.1 billion through the first half of 2007.
• Automotive gross cash at June 30, 2007 of $37.4 billion (including cash and cash equivalents, net marketable securities, loaned securities and short-term Voluntary Employee Benefits Association (VEBA) assets).

9:13am -- Mulally is going over the sale of Aston Martin and the "upcoming" sale of other divisions. He sure is moving fast and furious in turning Ford around, so his "Way Forward" plan is going smoothly it appears. He is also doting on the JD Power results which gave Ford a top spot in many new vehicle categories, and he makes a special note on how the Ford Edge is kickin' butt and taking names in the small crossover segment.

9:15am -- Mulally is skimming over the below non-financial Ford highlights for the Q2 and first half period.

• Strong performance in the J.D. Power and Associates Initial Quality Survey, with five segment winners - Ford Mustang, Mercury Milan, Lincoln MKZ and Mark LT, and Mazda MX-5 Miata - more than any other manufacturer.
• Ford Edge recognized as "Highest-Ranked Midsize MAV" in the J.D. Power and Associates Automotive Performance, Execution and Layout (APEAL) Study.
• Fifth consecutive year of improved manufacturing productivity as measured by the Harbour Report North America 2007.
• Ford Edge the best-selling mid-size crossover in second quarter.
• Ford Taurus, Mercury Sable and Ford Taurus X earned five-star crash-test ratings from the National Highway Traffic Safety Administration (NHTSA).
• Ford earned the most Top Safety Picks from the Insurance Institute for Highway Safety (IIHS) in the company's history, with Ford Edge, Ford Taurus, Ford Taurus X, Lincoln MKX and Mercury Sable taking top honors.
• Strong Ford Europe sales - up about 5 percent in first half of 2007.
• Record Land Rover sales - up 8 percent in first half of 2007.
• Ford China sales up 22 percent in first half of 2007.
• Achieved $1.1 billion in cost savings in first half 2007, including $600 million in the second quarter.
• Reduced North America personnel by 6,400 in the second quarter.
• Completed sale of Automobile Protection Corporation (APCO) and Aston Martin.

9:17am -- Mulally hands the call over to the CFO so that specific financial details and global specifics can be overviewed.

9:19am -- 24,200 is now the full-time Ford headcount, which is down from 10,300 at the close of 2005. Employee numbers in all global areas are now being discussed, along with plant closings and employee redeployment.

9:25am -- Ford Europe's financial details are now being discussed. I'll say this -- Ford's CFO sounds like a monotone college professor. Maybe a lack of coffee is to blame this morning, but his voice is about as boring as burned toast.

9:28am -- Employee pension costs and other employee costs like separation costs and so forth are now being discussed in detail. Ford is making great progress with thinning employee ranks to size that group appropriately to the size of its constantly-in-flux business.

9:32am -- Ford Credit, although not making as much as in the year-ago quarter, sill made a profit in the Q2 period.

9:35am -- Mulally takes the call back over. He is wrapping up comments before the analyst Q&A starts.

9:40am -- the analyst Q&A begins. First question: is pricing being recouped within the products that use the newer diesel engines, or are margins going down. Answer: most margin is being recouped, although no specifics can be given at this time.

9:43am -- next question: how much of the $600 million in product costs are broken down into materials or other costs pieces? Answer: Right now, $500 million was attributed to raw material costs.

9:46am -- next question: is something changing in the operating environment to ensure volatility in the supply/demand environment doesn't become more volatile? Answer: there is great demand for Ford products, so Ford will drive towards selling the best cars for customer needs (a non-answer, really).

9:49am -- next question: net pricing: a big positive for the quarter. Lease expenses went up, which indicates less residuals in terms of used car costs. Answer: there is no apparent connection between this kind of residual cost and new vehicle costs (for new fleets and leases).

9:56am -- next question: YTD positives include profitability -- what is the best areas within Ford for profit right now? Answer: Ford Europe and Asia Pacific are doing well (ahead of expectations). Also, Ford North America is doing better (outside the U.S., actually) and even Ford Credit is doing better than expected.

9:59am -- next question: public financing is unavailable for GM's Allison unit, so what makes Ford think public financing is available for Jaguar or Land Rover? Answer: it's probable we'll be able to complete the sale, but it's hard to speculate on where financing will be for the divisions under consideration for sale.

10:03am -- last analyst question: if a settlement with UAW is reached, is Ford comfortable taking out expenses needed for this from cash? Answer: Ford has a plan to make the company competitive, and it has a plan for this (very vague answer here). I sense a tone of confidence, but also of not wanting to give the UAW any information on what Ford may be working on. No surprise on the vague answer here.

10:06am -- that's it for the Ford Q2 conference call and analyst Q&A portion of the call. Ford had a very decent quarter here, and the moves made to get the company consistently profitable are making large strides. Mulally seems to have his plan moving forward at breakneck speed, which is exactly what he was hired to do. Ford shareholders -- are you please with the progress?