Meat+Poultry - June 2018 - 12
IMPOSSIBLE FOODS ENTERS
Diners in Hong Kong will now have
the opportunity to experience "the
impossible." Impossible Foods,
the maker of plant-based meats,
announced its entry into the Hong Kong
foodservice market. The Impossible
Burger will be available at three
restaurants in Hong Kong: Little Bao,
Happy Paradise and Beef & Liberty.
"We're humbled to launch with
spectacular chefs in one of the world's
most dynamic restaurant hotspots,"
said Patrick O. Brown, MD, CEO
and founder of Impossible Foods.
"We're confident that Hong Kong...
will be home to the most innovative
Impossible recipes yet."
The Impossible Burger, which was
developed in 2011 by Impossible Foods,
is formulated to look and taste like
conventional ground beef but is made
from plant ingredients. The use of a soy
root-derived molecule called "heme"
gives the burger its juicy, beef-like
attributes, according to the company.
TYSON REPORTS HIGHER SALES
FOR SECOND QUARTER
In reporting its Q2 fiscal results for the
period ended March 31, 2018, Tyson
Foods Inc. reported sales of $9.77
billion, nearly 2 percent higher than the
same period last year. Despite higherthan-expected costs in transportation
and labor, officials reaffirmed the
company's guidance for what they
forecast to be another record year.
Quarterly net income was $316
million, or $0.85 per share, dropping
from $340 million, or $0.92 per share,
for the same period last year. Adjusted
earnings per share (EPS) was $1.27.
Except for its Pork business unit,
which reported a sales decline of 1.1
percent to $1.27 billion, Tyson's Beef,
Pork, Chicken and Prepared Foods
segments all saw volume increases, led
by Prepared Foods, with an increase of
nearly 11 percent to $2.15 billion.
"Overall, we're pleased with the
progress we made in the second
quarter and the first half of the fiscal
year," said Thomas Hayes, president
and CEO, during a May 7 conference
call with analysts. Hayes said Tyson
expects to achieve its annual adjusted
earnings guidance of between $6.55 and
"In Q1 I spoke of transportation
cost challenges," Hayes said. "Increased
freight costs affected all four segments
and had a net impact of about $0.14 per
share for the quarter," he said, and the
Little Bao Chef May Chow
will now be serving
Impossible Burgers at the
Hong Kong restaurant.
impact is expected to translate to a total
of $250 million in costs for the full fiscal
year, about $50 million more than the
forecast made during the first quarter.
The company plans to offset the
cost in the second half of the year
through pricing and cost-reduction
programs, including maximizing truck
weights and lead times for shipments.
Even after the cost-recovery plans are
executed, however, the remaining gap
is expected to be $155 million, or about
MILESTONES IN ANIMAL CARE
More than a decade has passed since
Smithfield Foods made a business
decision to house the company's sows
in group housing systems and report
antibiotics use in the animals. The
release of the Animal Care section of
Smithfield's 2017 Sustainability Report
documents the company's journey to
establish practices to ensure animal
safety, comfort and health.
"Our bold initiatives create value
for our business, our contract growers
and supply chain partners, as well as
the industry as a whole," said Smithfield
Foods President and CEO Kenneth
Sullivan. "Our animal care practices and
policies underpin our focus on producing
good food the right way."
The Animal Care report includes
details about the company's ongoing
research into alternatives to antibiotics.
Initiatives include a new vaccine
research lab, results of internal and
third-party animal care audits and
Smithfield's ongoing efforts to enhance
animal care management systems.
In addition the company released a
new 360-degree virtual reality video to
support the release of the Animal Care
section of the 2017 report.
To review the entire report go to
MEAT+ POULTRY | 06.18 | www.meatpoultry.com
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