DETROIT -- Finishing in the black for recession-wracked 2009 added luster to Ford Motor Co.'s turnaround story last week.
Ford reported fourth-quarter net income of $868 million, compared with a loss of $5.9 billion a year earlier. Revenue rose to $35.4 billion from $29 billion.
Ford ended a three-year streak of annual losses with a net profit of $2.7 billion for 2009, compared with a loss of $14.8 billion in 2008. Last year's results were aided by large gains from debt reduction efforts and other structural cost cuts.
Operating income before taxes, excluding special items, totaled $454 million last year, compared with a loss of $6.9 billion a year ago.
Ford predicted it would be profitable in 2010 and "solidly profitable" in 2011.
Citing Ford's heavy debt, CFO Lewis Booth said: "We have an uncompetitive balance sheet. The most important thing is to return the business to fundamental health and pay down our debt."