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| Ford posts $2.7bn annual profit | Ford posts $2.7bn annual profit |
| (20 minutes later) | |
| Ford has posted an annual profit for the first time in four years. | Ford has posted an annual profit for the first time in four years. |
| The carmaker made $2.7bn (£1.7bn) in 2009, compared with a loss of almost $15bn in 2008, and said it expects to be profitable this year as well. | |
| For the final three months of last year, the company made $868m, a dramatic improvement on the $6bn loss it made a year earlier. | For the final three months of last year, the company made $868m, a dramatic improvement on the $6bn loss it made a year earlier. |
| Ford said its return to profitability was in part due to cutting costs and reducing debt levels. | |
| Revenue for the full year was $118.3bn, $19.8bn less than in 2008. | |
| The firm is also enjoying goodwill for avoiding bankruptcy, analysts said. | |
| The carmaker's big rivals General Motors and Chrysler, which together with Ford make up the so-called Detroit Three, both took billions of dollars in state aid and went into bankruptcy protection last summer. | The carmaker's big rivals General Motors and Chrysler, which together with Ford make up the so-called Detroit Three, both took billions of dollars in state aid and went into bankruptcy protection last summer. |
| "While we still face significant challenges ahead, 2009 was a pivotal year for Ford and the strongest proof yet that our One Ford plan is working and that we are forging a path toward profitable growth," said Ford president and chief executive Alan Mulally. | |
| Most carmakers struggled last year due to falling sales during the downturn. |