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Ford (NYSE: F)'s shares are up almost 5% in the pre-market. And they should be -- the company turned in an unexpectedly good quarter.

The car company reported a net loss of 19 cents per share, or $380 million, for the third quarter of 2007. This compares with a net loss of $2.79 per share, or $5.2 billion, in the third quarter of 2006. Ford's third-quarter revenue was $41.1 billion, up from $37.1 billion a year ago. The increase primarily reflected higher net pricing, changes in currency exchange rates, and improved product mix.

Ford North America: In the third quarter, Ford North America reported a pre-tax loss of $1.0 billion, compared with a pre-tax loss of $2.1 billion a year ago. Better pricing and a mix toward more profitable vehicles pushed the lagging U.S. operations to better results.

The company also said that results in Europe and South America were much improved.

And the company sees a bright future for the first time in years. Looking ahead, the company's progress in 2007 reflects it is on track to meet its goal of being profitable in North America and Total Automotive in 2009. The company also is on track to meet its North American cost reduction target of $5 billion by 2008, as compared with 2005. Progress is being made on achieving U.S. market share goals, and the company is ahead of its $17 billion cash outflow target for the 2007 to 2009 period.

It may have seemed impossible, but Ford has really turned around.

Douglas A. McIntyre is an editor at 247wallst.com.

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