Ford has reported a surprise profit of $750 million for the second-quarter, which comes after seven consecutive quarters in the red. Reasons cited for the positive result include recent cost-cutting and an improvement in the Blue Oval’s core automotive operations.

The carmaker is currently undergoing major restructuring as part of its ‘Way Forward’ turnaround plan, which includes the closure of up to 16 plants and the loss of 45,000 jobs. For the same period last year, Ford lost a substantial $317 million, and analysts were predicting that it would be reporting a loss once again, reports Automotive News.

Ford’s latest models have seen a marked rise in quality, namely its new Fusion sedan and Edge crossover, but sales still fell nine percent for the quarter. Despite this, revenues were still up, moving to $44.2 billion from $41.9 billion a year earlier.

Things are definitely looking up for Ford. Its cars are now coming close to industry leader Toyota in terms of quality, winning several top spots in a recent J.D. Power Initial Quality Study, and US import plans for its Euro models in the near future will only improve its rep further.