Ford-MustangFord has posted its first European profit in three years: at a pre-tax $14 million, it was small, but it was still $320 million better than a year ago.

The positive European figure will be a boost to Ford’s intention that Europe will be fully profitable by 2015: restructuring costs are finally falling as the rebuilding of the division nears completion, and Ford has crucial new product in the pipeline including the new Mustang, Focus and (at last) the new Mondeo.

Ford’s European profit was announced as part of the latest quarterly earnings, which contain numbers that far, far dwarf anything going on in the EU. Overall, for example, Ford made a pre-tax profit of $2.6 billion in Q2, with net income of $1.3 billion.

It may have been Europe’s first profit in three years but this was Ford’s 20th consecutive profitable quarter overall – yes, the firm has been making big money for five years without interruption. That’s why Ford now has a gross cash stash of $25.8 billion; take off its debts and it still has $10.4 billion in the bank.

Ford chiefs say the firm is on course to make a pre-tax profit of between $7-$8 billion this year (what’s a billion here and there, huh), which is proof that “our One Ford plan continues to deliver,” said Mark Fields, president and CEO.

“Moving forward, our commitment is to build on this success by accelerating our pace of progress, while delivering product excellence and driving innovation in all areas of our business.” US eyes will be on Europe to keep up the good work and keep the money coming in.