Ford Reports $2.7B Profit, 1st in 4 Years

FILE - In this June 22, 2007 file photo, Ford Motor Co. employees work on the assembly line at the company's Chicago Assembly Plant. Ford Motor Co. will add 1,200 jobs at its Chicago assembly plant later this year to build the new Explorer sport utility vehicle, a person briefed on the matter said Monday, Jan. 25, 2010. (AP Photo/M. Spencer Green, File)
AP Photo/M. Spencer Green
Ford Motor Co . says it made $2.7 billion in 2009, its first annual profit in four years.

Ford says it benefited from cost-cutting, debt reduction and popular cars and trucks like the Ford Fusion sedan and Escape SUV. It's enjoying customer goodwill for avoiding bankruptcy and refusing federal aid.

Ford's net income of 86 cents per share rose from the year before, when it lost a record $14.6 billion.

In the fourth quarter, Ford says it earned $868 million, or 25 cents per share. That is up $6.8 billion from a year earlier. Ford earned money in three of the four quarters last year.

The earnings report comes just days after Ford announced it would seek to hire about 1,200 new employees at its Chicago plant.

Ford says it expects to be profitable next year as well.

Ford gained market share in North and South America and Europe, despite the economic downturn.