Ford Motor Co. continued to pay off debt and posted its ninth straight quarterly profit, but second-quarter profit dipped slightly amid rising costs.

Ford earned $2.4 billion, or 59 cents a share, down 8 percent from $2.6 billion, or 61 cents per share, in the second quarter of 2010.

Over the past two years, Ford has earned more than $9 billion in profits after teetering near bankruptcy. Ford did not file bankruptcy or take government bailout money during the financial crisis two years ago.

Global product sales rose in the second quarter for Ford, but the company says it spent more on materials and product development, chipping away at profits.

Revenue increased 13 percent to $36.5 billion in the quarter for Ford. Analysts were expecting revenue of $31.15 billion, so Ford beat the street in that regard.

Also, without one-time charge items, including $110 million for employee reductions, Ford would have earned $2.9 billion, or 65 cents per share, which would have beaten analysts' forecast of 60 cents per share. Typically, Wall Street doesn't consider one-time charges that impact earnings a profit miss on expectations.