updated 1/28/2010 7:16:16 AM ET 2010-01-28T12:16:16
breaking news

Ford Motor Co. made $2.7 billion in 2009, its first annual profit in four years, the company said on Thursday.

Ford said 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.

Ford said it expects to be profitable next year as well and gained market share in North and South America and Europe, despite the economic downturn.

This is a breaking news story. Please check back for details.

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