Further distancing itself from its Detroit rivals and defying Wall Street expectations, Ford Motor Co. posted a quarterly profit of $1 billion, as MSN Money reports.

Despite a tentative cost-cutting deal with the United Auto Workers union falling through -- one that would have brought Ford's labor costs in line with those of the other domestic automakers -- the company's stock jumped 8 percent thanks to the surprise profit announcement. Ford will look to raise an additional $3 billion in capital through equity offerings and other financial deals.

Ford grabbed significant market share from GM and Chrysler as the latter halted most production operations to restructure during government-funded bankruptcy (Ford was the only one of the Big Three that did not taken taxpayer money in the form of government bailouts). Since then, the company has had some notable successes with new vehicle roll-outs like the redesigned Ford Taurus and the highly rated Ford Fusion.

"We're creating a very strong business and we are not taking taxpayer money," Ford CEO Alan Mulally said in a conference call with analysts.

The company has raised its 2011 forecast to "solidly profitable" from break-even, and many analysts expect that Ford could be profitable even sooner, in 2010.