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  "documentTitle": "Arconic Inc. (ARNC)",
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      "kind": "callout",
      "text": "Why is Arconic flat when distributors and TriMas are up mid-single-digits?",
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      "text": "KLX Inc. 2017 Guidance for Aerospace Solutions Group (ASG): \"ASG revenues are expected to increase by a mid-single digit percentage...\"",
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      "text": "TriMas (TRS) 2017 Guidance: \"Within aerospace, we anticipate sales growth ranging from 4% to 6%...\"",
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      "text": "Wesco Aircraft (WAIR) 2017 Guidance: \"We continue to expect constant currency sales growth to be in the range of 3% to 5% in fiscal 2017...\"",
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      "text": "KLX Inc. and Wesco Aircraft are the two largest fastener distributors and the largest ex-OEM buyers of Arconic's fastener products. While Arconic is saying \"flat\", its two largest distributors are substantially more optimistic.",
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      "text": "We continue to expect constant currency sales growth to be in the range of 3% to 5% in fiscal 2017 — Wesco Aircraft. ASG revenues are expected to increase by a mid-single digit percentage — KLX Inc. Within aerospace, we anticipate sales growth ranging from 4% to 6% — TriMas.",
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      "text": "Source: Wesco Aircraft (WAIR) Earnings Call, February 7, 2017; KLX Inc. Earnings Call, March 7, 2017; TriMas Q4 2016 Earnings Call February 28, 2017",
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