For the first time since 2005, Ford has recorded a full-year profit with expectations of continued profitability this year in spite of the still problematic economy and the company's own heavy debt load.

The company's $2.7 billion profit for 2009 on top of solid numbers for the fourth quarter surpassed all forecasts from Wall Street analysts. The company's global operations and its financing arm have made strong comebacks during the year.

Compared to one year ago when Ford saw a fourth quarter loss of $6 billion, the automaker added up an $868 million profit. Ford is the only one of the major American automakers that survived the recession and crash of the automotive market without loans from the federal government.

From 2006 through 2008, Ford ran up losses totaling $30 billion, including a record one year drop of $14.77 billion in 2008. As the company continues its rebound, Ford is gambling on smaller cars in 2010 that, while generating less upfront revenue, may be in higher demand from consumers seeking both fuel efficiency and environmentally friendly driving.

Chief Financial Officer Lewis Booth, quoted in the Wall Street Journal, said, "We are not kidding ourselves about our debt. We have an uncompetitive balance sheet and we are working on it."