* What: Ford Q1 results Friday

* Analysts on average expect a $1.23/share loss ex-items

* Ford shares up 4.9 pct at $4.49 on Thursday

By David Bailey

DETROIT, April 23 (Reuters) - Ford Motor Co (F.N: Quote, Profile, Research) is expected to post a large first-quarter net loss amid the global economic downturn that has pressured results in the United States, Western Europe and other developed economies.

Still, investors are expected to be more focused on how much cash the automaker ran through in the first three months of the year, the available cash at the end of March and its U.S. auto sales outlook for the rest of 2009.

Ford, the only U.S. automaker not operating on emergency loans from the U.S. government, posted a record $14.7 billion net loss in 2008 and its losses have totaled $30 billion over the past three calendar years.

Investors will likely look past the raw numbers to what Ford has to say about its ability to operate without help from the government and any benefit it might reap from the struggles of rivals General Motors Corp GM.N and Chrysler LLC [ID:nN22256068]

Analysts expect Ford to post losses across the regions. On average, the first-quarter loss is expected to be $1.23 per share excluding one-time items, according to Reuters Estimates. It posted a 20 cent per share profit a year earlier.