Ford (Symbol: F) reported second quarter earnings of 31 cents per share profit today, which surprised almost everyone. The market was expecting a net loss. However, this profit blip on the financial map doesn’t mean Ford is out of the woods.

If you recall, I wrote an article about Ford back on June 20, 2007 where I stated that the stock would decline as the company was in trouble. Since that time, Ford’s stock, which was trading above $9, has fallen to the $8 level.

Ford’s surprise helped the stock as share prices rose 1.51% to close at $8.09 Thursday. It’s up another 1% in after-hours trading, but that’s to be expected. Ford holders were starved for anything resembling good news.

Don’t expect Ford to report annual profits anytime soon. Ford said they don’t expect to see an annual profit until 2009—and that might be just a tad optimistic.

Ford did confirm that their Premier Auto Group Brands are in play—Jaguar, Land Rover and Volvo. Ford’s Chief Executive and President, Alan Mulally, said the sale of Jaguar and Land Rover was probable.

How will the current financial climate hurt the potential of a sale?

Before you run out and buy Ford, here’s a bit of reality for you. Mulally said they expect to post substantial third and fourth quarter losses.

My other problem with Ford is that they’ve done the “easy work” to cut costs and they are still a long way from home.

When the president says that investors shouldn’t think Ford has “turned the corner” to consistent profitability, it’s time to pay attention.

I’m looking at Ford’s second quarter report as a hiccup. The stock is significantly lower than my previous prediction, and we just might see $7.50 or below from Ford once the “earnings bump” plays out.