Ford Motor Co., working to avoid a federal bailout, posted a first-quarter loss that beat analysts’ estimates as it cut cash use almost in half. The shares soared to the highest since September.

Excluding one-time costs, the loss was $1.8 billion, or 75 cents a share, narrower than the $1.24 average of 11 analyst estimates compiled by Bloomberg.

Ford chopped cash consumption 49 percent to $3.7 billion from the previous three months. It cited $1.9 billion in savings, including more-efficient manufacturing and engineering, and $700 million in price improvements in part because it offered fewer sales incentives.

Ford jumped 51 cents, or 11 percent, to $5 in New York Stock Exchange trading, more than doubling its price this year. The shares closed at their highest level since Sept. 30.