Ford surprised Wall Street by posting its second quarter net profit of 750 million U.S. dollars, first profitable quarter in two years, media reported Friday.

Ford shares were up 3.26 percent, or 26 cents, at 8.23 dollars in Thursday morning trade on the New York Stock Exchange. In the past 52 weeks, the shares have traded in a range of 9.70 dollars to 6.36 dollars.

Analysts said the second-quarter results point to faster-than-expected improvement for Ford in the U.S. market, but others said weaker results for Ford's finance arm and the potential sale of its full portfolio of luxury brands raises questions about future earnings potential.

"It's certainly an improvement, but there are still a couple of areas of concern, particularly North America," said analyst Kevin Tynan of Argus Research. "Any additional cost-cutting and its effect on North America is only going to get more difficult."

Chief Executive Alan Mulally said Ford expects a "difficult" second half and negative cash flow as it pushes ahead with closing 16 plants and cutting up to 45,000 jobs in a sweeping restructuring.