RTTNews | Nov 24, 2020 06:43AM EST

06:43 Tuesday, November 24, 2020 (RTTNews.com) - While reporting financial results for the fourth quarter and full-year 2020 on Tuesday, branded food company Hormel Foods Corp. (HRL) said it is optimistic about generating sales and earnings growth in fiscal 2021.

The company added that the most recent surge of COVID-19 cases in communities does create a level of uncertainty in a number of areas, notably labor availability, customer demand and raw material markets.

Further, the company said it announced a five percent increase to its annual dividend, making the new dividend $0.98 per share, up from $0.03 per share.In May, the company had withdrawn its previously communicated earnings and sales guidance for the full-year 2020, due to uncertainty regarding the impact of COVID-19. The company is still not providing financial guidance for fiscal 2020.

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