DEARBORN, Mich. (AP) — Despite a surprise profit of $100 million for the first quarter, Ford Motor Co. said Thursday that it still expects to lose money this year as the U.S. auto market deteriorates.

But the company’s stock surged nearly 12 percent as CEO Alan Mulally reiterated his promise that restructuring will return Ford to black ink for 2009.The profit, Ford’s first since the second quarter of last year, came even during a time when concerns about the U.S. economy kept many car buyers away from showrooms. Ford sales were off about 9 percent for the quarter, and the trend away from trucks and sport utility vehicles accelerated, hurting its bottom line.

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Ford Motor dealer count dropped by 214 in 2007

Ford Motor Co. trimmed 214 domestic-brand dealerships in 2007 as part of ongoing efforts to cut dealers. Ford accelerated the pace of closings in the second year of its dealership consolidation program, according to numbers Ford provided to Automotive News.