Subtext

Air Products and Chemicals, Inc. APD

SectorMaterials
Transcripts71
Date range2007-10-25 – 2025-05-01
Calls charted71

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-21-10+0+10+212007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Overall: +9.62008 Q1 · Overall: +12.12008 Q2 · Overall: +7.32008 Q3 · Overall: +7.92008 Q4 · Overall: +6.32009 Q1 · Overall: -6.72009 Q2 · Overall: -4.72009 Q3 · Overall: +0.72009 Q4 · Overall: +2.62010 Q1 · Overall: +10.02010 Q2 · Overall: +8.72010 Q3 · Overall: +9.42010 Q4 · Overall: +9.42011 Q1 · Overall: +11.32011 Q2 · Overall: +12.02011 Q3 · Overall: +8.62011 Q4 · Overall: +8.82012 Q1 · Overall: +3.02012 Q2 · Overall: +4.92012 Q3 · Overall: +5.82012 Q4 · Overall: -0.12013 Q1 · Overall: +4.82013 Q2 · Overall: +2.62013 Q3 · Overall: +6.32013 Q4 · Overall: +9.22014 Q1 · Overall: +0.92014 Q2 · Overall: +2.82014 Q3 · Overall: +12.82014 Q4 · Overall: +8.72015 Q1 · Overall: +12.12015 Q2 · Overall: +9.42015 Q3 · Overall: +14.12015 Q4 · Overall: +18.22016 Q1 · Overall: +13.92016 Q2 · Overall: +10.82016 Q3 · Overall: +10.92016 Q4 · Overall: +14.52017 Q1 · Overall: +4.92017 Q2 · Overall: +7.62017 Q3 · Overall: +14.12017 Q4 · Overall: +16.72018 Q1 · Overall: +14.52018 Q2 · Overall: +17.62018 Q3 · Overall: +13.02018 Q4 · Overall: +12.12019 Q1 · Overall: +10.62019 Q2 · Overall: +11.52019 Q3 · Overall: +17.22019 Q4 · Overall: +7.92020 Q1 · Overall: +12.02020 Q2 · Overall: -5.52020 Q3 · Overall: +4.52020 Q4 · Overall: -2.52021 Q1 · Overall: +4.12021 Q2 · Overall: +5.52021 Q3 · Overall: +15.32021 Q4 · Overall: +8.42022 Q1 · Overall: +3.02022 Q2 · Overall: +5.72022 Q3 · Overall: +12.52022 Q4 · Overall: +6.92023 Q1 · Overall: +8.72023 Q2 · Overall: +12.52023 Q3 · Overall: +8.42023 Q4 · Overall: +9.62024 Q1 · Overall: +4.52024 Q2 · Overall: +0.22024 Q3 · Overall: +8.72024 Q4 · Overall: +11.82025 Q1 · Overall: +10.02025 Q2 · Overall: +2.4
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-57-29+0+29+572007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32008 Q4 · CEO: +8.12012 Q4 · CEO: +7.72013 Q2 · CEO: +6.22013 Q3 · CEO: +18.42013 Q4 · CEO: +24.12014 Q1 · CEO: +13.92014 Q2 · CEO: +1.92014 Q3 · CEO: +14.12014 Q4 · CEO: +5.42015 Q1 · CEO: +16.92015 Q2 · CEO: +11.62016 Q1 · CEO: +15.62016 Q3 · CEO: +16.72016 Q4 · CEO: +21.52017 Q1 · CEO: +7.12017 Q2 · CEO: +9.72017 Q3 · CEO: +20.22017 Q4 · CEO: +24.12018 Q1 · CEO: +24.32018 Q2 · CEO: +20.92018 Q3 · CEO: +11.62018 Q4 · CEO: +15.32019 Q1 · CEO: +35.62019 Q2 · CEO: +13.92019 Q3 · CEO: +20.52019 Q4 · CEO: +9.82020 Q1 · CEO: +14.82020 Q2 · CEO: -2.32020 Q3 · CEO: +5.52020 Q4 · CEO: -3.62021 Q1 · CEO: +4.82021 Q2 · CEO: +3.12021 Q3 · CEO: +13.82021 Q4 · CEO: +6.62022 Q1 · CEO: +3.72022 Q2 · CEO: +4.72022 Q3 · CEO: +10.72022 Q4 · CEO: +8.72023 Q1 · CEO: +9.12023 Q2 · CEO: +12.82023 Q3 · CEO: +10.92023 Q4 · CEO: +7.72024 Q1 · CEO: +2.62024 Q2 · CEO: -3.02024 Q3 · CEO: +8.22024 Q4 · CEO: +10.62025 Q1 · CEO: +31.52007 Q4 · CFO: +13.42008 Q1 · CFO: +20.02008 Q2 · CFO: +8.02008 Q3 · CFO: +35.12008 Q4 · CFO: +8.82009 Q1 · CFO: -4.82009 Q2 · CFO: -4.32009 Q3 · CFO: +5.52009 Q4 · CFO: +5.52010 Q1 · CFO: +18.52010 Q2 · CFO: +12.12010 Q3 · CFO: +14.02010 Q4 · CFO: +14.22011 Q1 · CFO: +13.42011 Q2 · CFO: +13.12011 Q3 · CFO: +8.62011 Q4 · CFO: +8.92012 Q1 · CFO: +3.22012 Q2 · CFO: +5.62012 Q3 · CFO: +9.32012 Q4 · CFO: -3.32013 Q1 · CFO: +2.52013 Q2 · CFO: +1.52013 Q3 · CFO: -2.32013 Q4 · CFO: +2.12014 Q1 · CFO: -3.22014 Q2 · CFO: +2.22014 Q3 · CFO: +7.62014 Q4 · CFO: +15.32015 Q1 · CFO: +12.52015 Q2 · CFO: +6.72016 Q1 · CFO: +13.12016 Q3 · CFO: +12.52016 Q4 · CFO: +5.72017 Q1 · CFO: +7.72017 Q2 · CFO: +0.02017 Q3 · CFO: -0.82017 Q4 · CFO: +8.12018 Q1 · CFO: +6.82018 Q2 · CFO: +14.92018 Q3 · CFO: +13.42018 Q4 · CFO: +14.82019 Q1 · CFO: +2.02019 Q2 · CFO: +14.62019 Q3 · CFO: +11.62019 Q4 · CFO: +14.12020 Q1 · CFO: +17.62020 Q2 · CFO: +50.02020 Q3 · CFO: +11.82020 Q4 · CFO: +15.72021 Q1 · CFO: +6.12021 Q2 · CFO: +0.02021 Q3 · CFO: +23.62021 Q4 · CFO: +19.82022 Q1 · CFO: +8.62022 Q2 · CFO: +18.42022 Q3 · CFO: +24.22022 Q4 · CFO: +12.22023 Q1 · CFO: +19.02023 Q2 · CFO: +32.42023 Q3 · CFO: +13.52023 Q4 · CFO: +8.72024 Q1 · CFO: +19.22024 Q2 · CFO: -7.12024 Q3 · CFO: +18.02024 Q4 · CFO: +29.42025 Q1 · CFO: +10.9
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-46-23+0+23+462007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Prepared remarks: +19.02008 Q1 · Prepared remarks: +18.82008 Q2 · Prepared remarks: +12.42008 Q3 · Prepared remarks: +16.22008 Q4 · Prepared remarks: +12.62009 Q1 · Prepared remarks: -5.52009 Q2 · Prepared remarks: -10.62009 Q3 · Prepared remarks: +3.52009 Q4 · Prepared remarks: +7.12010 Q1 · Prepared remarks: +14.62010 Q2 · Prepared remarks: +22.22010 Q3 · Prepared remarks: +21.62010 Q4 · Prepared remarks: +22.82011 Q1 · Prepared remarks: +15.82011 Q2 · Prepared remarks: +18.82011 Q3 · Prepared remarks: +13.72011 Q4 · Prepared remarks: +16.72012 Q1 · Prepared remarks: +1.92012 Q2 · Prepared remarks: +11.02012 Q3 · Prepared remarks: +12.42012 Q4 · Prepared remarks: +4.02013 Q1 · Prepared remarks: +8.82013 Q2 · Prepared remarks: +2.52013 Q3 · Prepared remarks: +6.62013 Q4 · Prepared remarks: +12.52014 Q1 · Prepared remarks: +8.62014 Q2 · Prepared remarks: +8.62014 Q3 · Prepared remarks: +20.02014 Q4 · Prepared remarks: +19.52015 Q1 · Prepared remarks: +13.32015 Q2 · Prepared remarks: +18.02015 Q3 · Prepared remarks: +16.22015 Q4 · Prepared remarks: +18.92016 Q1 · Prepared remarks: +22.02016 Q2 · Prepared remarks: +10.92016 Q3 · Prepared remarks: +18.82016 Q4 · Prepared remarks: +16.22017 Q1 · Prepared remarks: +13.42017 Q2 · Prepared remarks: +11.62017 Q3 · Prepared remarks: +21.92017 Q4 · Prepared remarks: +24.42018 Q1 · Prepared remarks: +21.52018 Q2 · Prepared remarks: +23.62018 Q3 · Prepared remarks: +21.12018 Q4 · Prepared remarks: +21.12019 Q1 · Prepared remarks: +16.72019 Q2 · Prepared remarks: +27.02019 Q3 · Prepared remarks: +24.52019 Q4 · Prepared remarks: +17.32020 Q1 · Prepared remarks: +28.12020 Q2 · Prepared remarks: +39.92020 Q3 · Prepared remarks: +13.02020 Q4 · Prepared remarks: +10.02021 Q1 · Prepared remarks: +11.22021 Q2 · Prepared remarks: +8.12021 Q3 · Prepared remarks: +22.32021 Q4 · Prepared remarks: +17.82022 Q1 · Prepared remarks: +10.92022 Q2 · Prepared remarks: +11.02022 Q3 · Prepared remarks: +20.92022 Q4 · Prepared remarks: +16.42023 Q1 · Prepared remarks: +15.32023 Q2 · Prepared remarks: +26.72023 Q3 · Prepared remarks: +23.12023 Q4 · Prepared remarks: +10.02024 Q1 · Prepared remarks: +4.52024 Q2 · Prepared remarks: +0.42024 Q3 · Prepared remarks: +21.52024 Q4 · Prepared remarks: +12.22025 Q1 · Prepared remarks: +20.72025 Q2 · Prepared remarks: +7.72007 Q4 · Q&A responses: +5.52008 Q1 · Q&A responses: +13.42008 Q2 · Q&A responses: +8.72008 Q3 · Q&A responses: +8.22008 Q4 · Q&A responses: +3.82009 Q1 · Q&A responses: -5.12009 Q2 · Q&A responses: +1.92009 Q3 · Q&A responses: +5.42009 Q4 · Q&A responses: +3.42010 Q1 · Q&A responses: +16.72010 Q2 · Q&A responses: +6.82010 Q3 · Q&A responses: +11.32010 Q4 · Q&A responses: +2.52011 Q1 · Q&A responses: +15.92011 Q2 · Q&A responses: +12.72011 Q3 · Q&A responses: +8.62011 Q4 · Q&A responses: +2.22012 Q1 · Q&A responses: +4.32012 Q2 · Q&A responses: +0.02012 Q3 · Q&A responses: +5.02012 Q4 · Q&A responses: -1.42013 Q1 · Q&A responses: +4.22013 Q4 · Q&A responses: +5.82014 Q1 · Q&A responses: +1.12014 Q2 · Q&A responses: +3.62014 Q3 · Q&A responses: +10.02014 Q4 · Q&A responses: +3.92015 Q1 · Q&A responses: +5.02015 Q2 · Q&A responses: +4.42015 Q3 · Q&A responses: +12.62015 Q4 · Q&A responses: +4.02016 Q1 · Q&A responses: +7.42016 Q2 · Q&A responses: +11.02016 Q3 · Q&A responses: +5.32016 Q4 · Q&A responses: +15.32017 Q1 · Q&A responses: -0.72017 Q2 · Q&A responses: +7.12017 Q3 · Q&A responses: +8.52017 Q4 · Q&A responses: +15.82018 Q1 · Q&A responses: +10.62018 Q2 · Q&A responses: +15.62018 Q3 · Q&A responses: +7.12018 Q4 · Q&A responses: +8.92019 Q1 · Q&A responses: +7.92019 Q2 · Q&A responses: +4.22019 Q3 · Q&A responses: +10.92019 Q4 · Q&A responses: +6.82020 Q1 · Q&A responses: +6.32020 Q2 · Q&A responses: -2.32020 Q3 · Q&A responses: +1.12020 Q4 · Q&A responses: -3.02021 Q1 · Q&A responses: +4.72021 Q2 · Q&A responses: +4.12021 Q3 · Q&A responses: +7.92021 Q4 · Q&A responses: +3.12022 Q1 · Q&A responses: -3.42022 Q2 · Q&A responses: +0.02022 Q3 · Q&A responses: +5.52022 Q4 · Q&A responses: -0.62023 Q1 · Q&A responses: +3.82023 Q2 · Q&A responses: +8.72023 Q3 · Q&A responses: +1.62024 Q1 · Q&A responses: +11.42024 Q3 · Q&A responses: +3.52025 Q1 · Q&A responses: +8.22025 Q2 · Q&A responses: +3.3
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$5.51$9.72$13.932007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $6.092014 Q2: $6.222014 Q3: $6.402014 Q4: $6.672015 Q1: $6.922015 Q2: $7.092015 Q3: $7.472015 Q4: $7.592016 Q1: $7.762016 Q2: $7.932016 Q3: $7.922016 Q4: $6.562017 Q1: $6.472017 Q2: $6.632017 Q3: $6.912017 Q4: $7.172018 Q1: $7.752018 Q2: $7.972018 Q3: $8.202018 Q4: $8.452019 Q1: $8.712019 Q2: $9.102019 Q3: $9.422019 Q4: $9.712020 Q1: $9.952020 Q2: $9.472020 Q3: $9.792020 Q4: $9.592021 Q1: $9.752021 Q2: $10.372021 Q3: $10.672021 Q4: $10.742022 Q1: $11.012022 Q2: $11.292022 Q3: $11.532022 Q4: $11.682023 Q1: $11.912023 Q2: $12.322023 Q3: $12.752023 Q4: $13.272024 Q1: $12.882024 Q2: $13.132024 Q3: $13.352024 Q4: $13.14

Forward P/E

16.3424.1631.972007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 19.862014 Q2: 21.022014 Q3: 20.462014 Q4: 21.122015 Q1: 22.352015 Q2: 20.622015 Q3: 18.562015 Q4: 17.422016 Q1: 17.532016 Q2: 18.112016 Q3: 18.542016 Q4: 22.582017 Q1: 21.312017 Q2: 21.952017 Q3: 21.592017 Q4: 22.672018 Q1: 21.802018 Q2: 20.832018 Q3: 20.632018 Q4: 18.242019 Q1: 21.252019 Q2: 24.232019 Q3: 23.532019 Q4: 24.012020 Q1: 20.262020 Q2: 25.072020 Q3: 30.892020 Q4: 28.052021 Q1: 27.762021 Q2: 28.942021 Q3: 25.262021 Q4: 28.412022 Q1: 20.402022 Q2: 21.202022 Q3: 22.132022 Q4: 27.842023 Q1: 23.252023 Q2: 23.442023 Q3: 23.772023 Q4: 20.302024 Q1: 19.212024 Q2: 20.922024 Q3: 21.522024 Q4: 22.47

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↓ -4.1 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q2 tone ↓ -2.7 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q1 tone ↓ -4.3 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -3.1 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↑ +3.6 fwd EPS ↓ -1.36 Tone rose while the forward EPS estimate was cut.
  • 2018 Q1 tone ↓ -2.2 fwd EPS ↑ +0.58 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -4.6 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q4 tone ↓ -9.3 fwd EPS ↑ +0.29 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -5.4 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -5.6 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -4.1 fwd EPS ↑ +0.43 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -4.3 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q4 tone ↑ +3.1 fwd EPS ↓ -0.21 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q22025-05-01+2.4——View →
2025 Q12025-02-06+10.0——View →
2024 Q42024-11-07+11.8$13.1422.5View →
2024 Q32024-08-01+8.7$13.3521.5View →
2024 Q22024-04-30+0.2$13.1320.9View →
2024 Q12024-02-05+4.5$12.8819.2View →
2023 Q42023-11-07+9.6$13.2720.3View →
2023 Q32023-08-03+8.4$12.7523.8View →