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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses a donut chart to visually emphasize the rarity of such a large miss.",
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      "text": "The guidance miss reported in Arconic’s EPS segment in 2016 ranks among the worst in the recent history of the S&P 500 Index",
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      "text": "In November 2015, and then again in January 2016, Arconic confirmed 2016 Engineered Products and Solutions segment EBITDA target of $1.643 billion, or $1.1 billion of After-Tax Operating Income (“ATOI”)\nAfter Dr. Kleinfeld restated this guidance not once, but twice in the following twelve months, the Company ended up reporting EPS segment ATOI of $642 million, a miss of over 40%\nBased upon an analysis of S&P 500 company earnings misses over the past 5 years, the ATOI guidance miss reported in Arconic’s EPS segment will go down as one of the most horrific in recent history, even before taking into account the theoretical pro-rata allocation of interest expense to Arconic’s various segments, which would further increase the magnitude of the miss\nIn fact, on average less than four percent of all annual earnings per share guidance provided in the last 5 years (by ~250 non-commodity companies in the S&P500 each year) achieved failure equal in magnitude to that demonstrated by Dr. Kleinfeld in Arconic’s largest and most important business segment",
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      "text": "1. Note: EPS Segment adjusted for sale of Remmele medical device business; ATOI figure after taking into account depreciation, amortization and taxes, but not interest expense\n2. Note: Analysis using S&P Index components as of December 30, 2016",
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      "text": "EPS Results: A Failure of Epic Proportions",
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