波本威士忌生产商金宾（Jim Beam）宣布，将关停其位于肯塔基州的一家蒸馏厂，停产时长至少一 年。当前威士忌行业正面临双重压力：既要应对特朗普政府出台的关税政策，又要消化这款需陈年数年 才能上市的产品所出现的需求下滑问题。 近年来，波本威士忌的产量大幅增长。肯塔基州蒸馏酒协会的数据显示，截至今年 1 月，该州仓库中正 在陈年的波本威士忌酒桶数量达 1600 万桶，是 15 年前储存量的三倍以上。 金宾方面表示，决定于 2026 年暂停其克莱蒙蒸馏厂的波本威士忌酿造业务，此举将为公司争取时间， 用于推进该厂的设施改造。该厂区内的装瓶车间、仓储库房，以及詹姆斯・B・宾蒸馏公司的游客中心 和餐厅，均会照常运营。 公司同时指出，其位于肯塔基州波士顿市的规模更大的蒸馏厂，将维持正常生产。 金宾在一份声明中称："我们会持续评估产能水平，以最大程度满足消费者需求。" 据代表该厂员工的美国食品与商业工人国际联合会当地分会透露，涉事厂区员工将被调配至公司内部其 他岗位，目前金宾暂无裁员计划。 波本威士忌生产商必须对未来市场走向做出长远预判。金宾旗下的旗舰波本威士忌，需在橡木桶中陈年 至少四年方可装瓶上市。 威士忌生产商正深陷 ...

Financial Data and Key Metrics Changes - Consolidated sales decreased by 19% to $131 million compared to the prior year [20] - Adjusted EBITDA declined by 29% to $32 million, primarily due to lower gross profit [22] - Basic earnings per share decreased to $0.71, while adjusted basic earnings per share decreased 34% to $0.85 [23] - Year-to-date operating cash flows increased by 26% to $93 million [23] - Full-year adjusted EBITDA guidance raised to the range of $110 to $115 million, and adjusted earnings per share guidance raised to $2.60 to $2.75 [25] Business Line Data and Key Metrics Changes - Branded spirits segment sales decreased by 3%, with premium plus sales showing growth driven by Penelope Bourbon [20] - Distilling solutions segment sales declined by 43%, with brown goods sales down by 50% [20] - Ingredient solutions segment sales increased by 9%, primarily due to higher specialty and commodity wheat protein sales [21] - Gross profits in the ingredient solutions segment declined by 36% due to equipment outages and operational reliability issues [21] Market Data and Key Metrics Changes - Total U.S. whiskey production is down 19% over the prior 12 months, down 28% over the prior six months, and down 32% over the prior three months [14] - The broader domestic whiskey industry is recalibrating to the current environment, which is seen as a positive signal for future supply and demand dynamics [14] Company Strategy and Development Direction - The company is conducting a strategic review to improve clarity and focus on high-potential brands while trimming underperformers [6][7] - New appointments in leadership aim to strengthen operational execution and brand growth [7] - The company is focusing on five key initiatives for 2025: sharpen commercial focus, strengthen customer relationships, improve operational execution, fortify the balance sheet, and drive productivity [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the industry but expresses confidence in the company's long-term potential and the strength of its brands [9] - The company is optimistic about the future, with a focus on building a resilient business model that can weather industry cycles [27] Other Important Information - The company is experiencing a transition period, with a focus on operational excellence and customer engagement [26] - The distilling solutions segment is crucial, with a notable shift in customer purchasing behavior from just-in-case to just-in-time [45] Q&A Session Summary Question: Industry trends and channel inventory - Management noted that customers are eager to communicate and maintain relationships amid changes in the industry, with elevated inventory levels still present [31] Question: Gross margin performance - The strong gross margins were attributed to higher-than-expected aged whiskey sales and effective cost management [33] Question: Portfolio management of branded spirits - Management discussed the pros and cons of trimming lower-performing brands while focusing on premium brands that show growth potential [38] Question: Customer purchasing behavior - Management confirmed that large multinationals have paused purchases, but they expect to hear more about 2026 plans in the spring [44] Question: Ingredient solutions segment performance - Management acknowledged operational challenges but emphasized that demand for their products remains strong [48] Question: Biofuel facility and cost offsets - The biofuel facility is expected to offset disposal costs over time, with initial shipments already made [53] Question: Tariff impacts - Management indicated that while there is some tariff pressure, it is not as significant as for some peers, and the impact on customers with international business is being monitored [80]