The Ford Motor Co. went through $3.7 billion in cash for the first quarter of 2009, posting its fourth quarterly loss in a row, but the company, still operating without federal loans, is slowing its cash burn.

In the fourth quarter of 2008 Ford's cash reserve declined by $5.5 billion. This quarter the company finished with a cash reserve of $21.3 billion, up from $13.4 billion at the end of the last fiscal year.

The net loss fo the quarter was $1.4 billion. A year earlier, Ford posted a net income of $70 million. Analysts estimate the company needs $9 billion to $10 billion in cash to operate and to avoid seeking federal loans.

In a statement issued with the quarterly report, Ford CEO Alan Mulally said, "Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world."

Auto sales figures remain at 27-year lows while rivals General Motors and Chrysler LLC remain in business thanks to federal loans totaling $17.4 billion. Both are on the brink of bankruptcy proceedings.

The posted loss, however, was lower than that projected by analysts, which lead to a 14.5 percent increase in Ford shares following the release of the figures.