DETROIT – Ford Motor will reinstate its common dividend beginning within the fourth quarter, greater than a 12 months and a half after suspending the payments through the early days of the coronavirus pandemic.

The fourth-quarter dividend of 10 cents per share on excellent frequent and Class B inventory will probably be paid on Dec. 1 to shareholders on the shut of enterprise on Nov. 19, the corporate introduced Wednesday when it released its third-quarter earnings that beat Wall Street’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 arrogance to reinstate the dividend at this level,” CFO John Lawler advised reporters Wednesday throughout a name.

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

The quarterly value of the dividend will probably be about $400 million, in keeping with Lawler.

Ford was fast to chop the dividend to shore-up money because the coronavirus pandemic prompted the automaker to shutter crops and dealerships final 12 months to cease the unfold of Covid-19.

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