WASHINGTON — During the depths of the auto industry's collapse a year ago, Ford told shareholders at its annual meeting that they might have to wait until 2011 before the company started making money again.

It turns out they didn't have to wait that long.

Thanks to well-reviewed cars and trucks, cost-cutting and goodwill from consumers for avoiding a taxpayer bailout, Ford Motor Co. has posted four straight profitable quarters. It has more than doubled its stock price from below $5 last May, and seized market share from floundering rivals like GM and Toyota. Ford now expects to be solidly profitable this year.

And that likely means happier shareholders at Thursday's 2010 Ford meeting in Wilmington, Del.

"Things are going very well for Ford," said Erich Merkle, president of the consulting company Autoconomy.com in Grand Rapids, Mich.

But there could still be some tough questions for Ford Chairman Bill Ford and CEO Alan Mulally when they face shareholders.

Ford had $34 billion in debt at the end of the first quarter, much of it stemming from the company's 2006 decision to mortgage its factories and other assets for $23.5 billion to restructure its operations.

The debt puts Ford at a disadvantage to General Motors Co. and Chrysler Group LLC, who have only a fraction of Ford's debt after shedding most of it during bankruptcy reorganization last year. Ford paid $1.5 billion in interest last year, or $311 per vehicle it sold worldwide.

Ford Chief Financial Officer Lewis Booth says the company has a plan to pay down the debt, but he hasn't given details. Ford paid off $3 billion in April. Fitch Ratings, which upgraded Ford's debt ratings last month, says Ford now has enough cash — $25 billion at the end of the first quarter — and better access to credit markets to begin paying down its debt.

The economic outlook also could hamper Ford's progress. U.S. sales are expected to rise to 11.5 to 12 million vehicles this year, but that's still well below the 17 million of just five years ago. Unemployment remains stubbornly high, sapping the pool of possible buyers. Ford pays more in labor costs than GM and Chrysler.

"Ford's performance has been outstanding, but there seem to be a growing list of factors that suggest profitability in subsequent quarters will fail to match what Ford posted in (the first quarter)," Credit Suisse auto analyst Chris Ceraso said in a recent research note.

Ceraso said global expansion costs, rising prices for raw materials like steel, high incentives in the U.S. and Europe and declining profitability at Ford Credit all could affect the company as the year progresses.