DETROIT – Ford Motor will reinstate its common dividend beginning within the fourth quarter, greater than a yr and a half after suspending the funds throughout the early days of the coronavirus pandemic.

The fourth-quarter dividend of 10 cents per share on excellent frequent and Class B inventory can be paid on Dec. 1 to shareholders on the shut of enterprise on Nov. 19, the corporate introduced Wednesday when it launched its third-quarter earnings that beat Wall Road’s expectations.

Ford shares jumped by about 5% throughout after-hours buying and selling. The inventory closed Wednesday down by 2.7% to $15.51 a share.

“The energy of the enterprise offers us the boldness to reinstate the dividend at this level,” CFO John Lawler informed reporters Wednesday throughout a name.

Lawler mentioned the corporate will not be capital constrained and is assured it will possibly finance an aggressive turnaround plan referred to as Ford+, which incorporates investing billions in electrical and autonomous automobiles, in addition to the dividend

The quarterly price of the dividend can be about $400 million, in response to Lawler.

Ford was fast to chop the dividend to shore-up money because the coronavirus pandemic precipitated the automaker to shutter crops and dealerships final yr to cease the unfold of Covid-19.

Normal Motors, which lower its dividend a month after Ford, has not reinstated its dividend.