April 24, 2009 (FinancialWire) — Ford Motor Co. (NYSE: F) has posted a first quarter net loss of $1.4 billion, or $0.60 per share. Analysts had predicted around twice that loss.

The automaker said it finished the first quarter with $21.3 billion in automotive gross cash and does not expect to seek a bridge loan from the U.S. government.

The company’s net loss for the quarter compares with net income of $70 million, or $0.03 per share, in the first quarter of 2008. Ford’s first quarter 2009 pre-tax operating loss, excluding special items, was around $2 billion, a decline from a profit of $686 million a year ago.

On an after-tax basis, Ford lost $1.8 billion in the first quarter, or $0.75 per share, compared with a profit of $477 million, or $0.20 per share, a year ago.

Ford took a number of actions during the quarter to strengthen its overall balance sheet, and reiterated a previous claim not to need bailout funds from the U.S. government. Rivals General Motors and Chrysler have taken $17.4 billion, though with mandates to either cut their overhead or file for bankruptcy.

Ford and its credit unit said that they have taken actions to reduce Ford’s debt obligations by $10.1 billion at par value and lower the company’s annual cash interest payments by more than $500 million. Of that $10.1 billion, Ford said that $2.4 billion in debt obligations were reduced in the first quarter and will be reflected in Ford’s first quarter financial statements.

The remainder, the company said, was reduced on April 8, and will be reflected in Ford’s second quarter results.

Ford also said it has started discussions with interested parties regarding the sale of its troubled Volvo unit.

Dearborn, Michigan-based Ford drew $10.1 billion under its secured revolving credit facility.

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