Subtext

Cummins Inc. CMI

SectorIndustrials
Transcripts70
Date range2007-11-14 – 2025-05-05
Calls charted70

Sentiment timeline

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

-16-8+0+8+162007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Overall: +9.92008 Q1 · Overall: +9.72008 Q2 · Overall: +7.42008 Q3 · Overall: +13.92008 Q4 · Overall: -5.22009 Q1 · Overall: -3.72009 Q2 · Overall: +0.32009 Q3 · Overall: +4.02009 Q4 · Overall: +7.22010 Q1 · Overall: +12.42010 Q2 · Overall: +13.82010 Q3 · Overall: +6.02010 Q4 · Overall: +10.62011 Q1 · Overall: +9.52011 Q2 · Overall: +10.92011 Q3 · Overall: +8.12011 Q4 · Overall: +9.02012 Q1 · Overall: +8.52012 Q2 · Overall: -1.72012 Q3 · Overall: -0.92012 Q4 · Overall: +3.42013 Q1 · Overall: -5.92013 Q2 · Overall: +1.42013 Q3 · Overall: -3.12013 Q4 · Overall: +9.12014 Q1 · Overall: +6.82014 Q2 · Overall: +8.32014 Q3 · Overall: +8.12014 Q4 · Overall: +8.92015 Q1 · Overall: +9.72015 Q2 · Overall: +13.22015 Q3 · Overall: +4.02015 Q4 · Overall: +7.82016 Q1 · Overall: +6.32016 Q2 · Overall: +7.02016 Q3 · Overall: +7.72016 Q4 · Overall: +4.42017 Q1 · Overall: +7.72017 Q2 · Overall: +8.22017 Q3 · Overall: +11.52017 Q4 · Overall: +10.92018 Q1 · Overall: +10.02018 Q2 · Overall: +12.52018 Q3 · Overall: +10.32018 Q4 · Overall: +9.52019 Q1 · Overall: +10.62019 Q2 · Overall: +1.62019 Q3 · Overall: -4.72019 Q4 · Overall: +5.92020 Q1 · Overall: +7.42020 Q2 · Overall: -2.92020 Q3 · Overall: +3.02020 Q4 · Overall: +4.62021 Q1 · Overall: +5.92021 Q2 · Overall: +6.22021 Q3 · Overall: +5.62021 Q4 · Overall: +3.22022 Q1 · Overall: +4.42022 Q2 · Overall: +4.72022 Q3 · Overall: +8.42022 Q4 · Overall: +11.62023 Q1 · Overall: +12.32023 Q2 · Overall: +8.32023 Q3 · Overall: +9.02023 Q4 · Overall: +5.52024 Q1 · Overall: +5.32024 Q2 · Overall: +6.52024 Q3 · Overall: +10.22024 Q4 · Overall: +11.42025 Q1 · Overall: +6.8
Overall

CEO vs CFO

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

-43-22+0+22+432007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · CEO: +16.72008 Q1 · CEO: +17.02008 Q2 · CEO: +12.92008 Q3 · CEO: +24.62008 Q4 · CEO: -2.32009 Q1 · CEO: +1.52009 Q2 · CEO: -2.22009 Q3 · CEO: +5.62009 Q4 · CEO: +12.62010 Q1 · CEO: +23.22010 Q2 · CEO: +20.62010 Q3 · CEO: +14.32010 Q4 · CEO: +13.12011 Q1 · CEO: +13.12011 Q2 · CEO: +37.72011 Q3 · CEO: +31.42011 Q4 · CEO: +15.42012 Q1 · CEO: +7.12012 Q2 · CEO: -4.12012 Q3 · CEO: -1.32012 Q4 · CEO: +6.62013 Q1 · CEO: -1.42013 Q2 · CEO: +9.62013 Q3 · CEO: -2.02013 Q4 · CEO: +19.52014 Q1 · CEO: +13.92014 Q2 · CEO: +24.32014 Q3 · CEO: +19.72014 Q4 · CEO: +18.02015 Q1 · CEO: +18.62015 Q2 · CEO: +22.92015 Q4 · CEO: +16.12016 Q1 · CEO: +24.52016 Q2 · CEO: +14.12016 Q3 · CEO: +13.62017 Q2 · CEO: +14.52017 Q3 · CEO: +16.22017 Q4 · CEO: +19.32018 Q2 · CEO: +14.62018 Q3 · CEO: +17.32018 Q4 · CEO: +17.62019 Q1 · CEO: +20.32019 Q2 · CEO: -1.22019 Q3 · CEO: -2.92019 Q4 · CEO: +16.82020 Q1 · CEO: +16.12020 Q2 · CEO: -3.72020 Q3 · CEO: +2.62020 Q4 · CEO: +15.82021 Q1 · CEO: +13.52021 Q2 · CEO: +12.62021 Q3 · CEO: +5.52021 Q4 · CEO: +6.52022 Q1 · CEO: +10.32022 Q2 · CEO: +16.02022 Q3 · CEO: +19.02022 Q4 · CEO: +20.12023 Q1 · CEO: +16.42023 Q2 · CEO: +15.22023 Q3 · CEO: +17.32023 Q4 · CEO: +16.32024 Q1 · CEO: +14.92024 Q2 · CEO: +12.52024 Q3 · CEO: +14.42024 Q4 · CEO: +14.52025 Q1 · CEO: +9.62007 Q4 · CFO: +2.62008 Q1 · CFO: +5.72008 Q2 · CFO: +5.52008 Q3 · CFO: +6.42008 Q4 · CFO: -13.52009 Q1 · CFO: -8.92009 Q2 · CFO: +4.62009 Q3 · CFO: -2.12009 Q4 · CFO: +3.82010 Q1 · CFO: +10.52010 Q2 · CFO: +12.42010 Q3 · CFO: +2.22010 Q4 · CFO: +13.62011 Q1 · CFO: +18.32011 Q2 · CFO: +19.12011 Q3 · CFO: +11.42011 Q4 · CFO: +13.42012 Q1 · CFO: +23.82012 Q2 · CFO: +8.22012 Q3 · CFO: +1.52012 Q4 · CFO: +3.72013 Q1 · CFO: -8.42013 Q2 · CFO: -2.12013 Q3 · CFO: -3.42013 Q4 · CFO: +4.52014 Q1 · CFO: +8.42014 Q2 · CFO: +3.52014 Q3 · CFO: +4.72014 Q4 · CFO: +6.72015 Q1 · CFO: +7.72015 Q3 · CFO: +5.62016 Q3 · CFO: +2.52017 Q2 · CFO: +7.42017 Q3 · CFO: +9.02017 Q4 · CFO: +9.92018 Q2 · CFO: +11.42018 Q3 · CFO: +7.52018 Q4 · CFO: +5.02019 Q1 · CFO: +11.82019 Q2 · CFO: +9.62019 Q3 · CFO: -3.32019 Q4 · CFO: -1.02020 Q1 · CFO: +3.52020 Q2 · CFO: +0.02020 Q3 · CFO: +10.42020 Q4 · CFO: +4.12021 Q1 · CFO: +13.72021 Q2 · CFO: +5.72021 Q3 · CFO: +11.02021 Q4 · CFO: +6.32022 Q1 · CFO: +12.62022 Q2 · CFO: +0.52022 Q3 · CFO: +8.32022 Q4 · CFO: +16.62023 Q1 · CFO: +17.02023 Q2 · CFO: +8.62023 Q3 · CFO: +8.82023 Q4 · CFO: +2.72024 Q1 · CFO: +13.62024 Q2 · CFO: +9.22024 Q3 · CFO: +17.62024 Q4 · CFO: +15.52025 Q1 · CFO: +11.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-33-17+0+17+332007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Prepared remarks: +15.82008 Q1 · Prepared remarks: +13.42008 Q2 · Prepared remarks: +14.42008 Q3 · Prepared remarks: +19.72008 Q4 · Prepared remarks: -12.22009 Q1 · Prepared remarks: -2.12009 Q2 · Prepared remarks: +2.42009 Q3 · Prepared remarks: +4.32009 Q4 · Prepared remarks: +13.52010 Q1 · Prepared remarks: +28.92010 Q2 · Prepared remarks: +21.02010 Q3 · Prepared remarks: +16.12010 Q4 · Prepared remarks: +18.12011 Q1 · Prepared remarks: +17.22011 Q2 · Prepared remarks: +26.62011 Q3 · Prepared remarks: +17.52011 Q4 · Prepared remarks: +17.42012 Q1 · Prepared remarks: +16.82012 Q2 · Prepared remarks: -3.42012 Q3 · Prepared remarks: -1.52012 Q4 · Prepared remarks: +6.02013 Q1 · Prepared remarks: -6.22013 Q2 · Prepared remarks: +6.62013 Q3 · Prepared remarks: -11.42013 Q4 · Prepared remarks: +12.22014 Q1 · Prepared remarks: +11.52014 Q2 · Prepared remarks: +14.62014 Q3 · Prepared remarks: +11.42014 Q4 · Prepared remarks: +13.12015 Q1 · Prepared remarks: +17.02015 Q2 · Prepared remarks: +20.82015 Q3 · Prepared remarks: +7.02015 Q4 · Prepared remarks: +10.22016 Q1 · Prepared remarks: +11.62016 Q2 · Prepared remarks: +13.72016 Q3 · Prepared remarks: +9.22016 Q4 · Prepared remarks: +6.52017 Q1 · Prepared remarks: +11.02017 Q2 · Prepared remarks: +15.22017 Q3 · Prepared remarks: +16.92017 Q4 · Prepared remarks: +14.82018 Q1 · Prepared remarks: +13.42018 Q2 · Prepared remarks: +15.52018 Q3 · Prepared remarks: +13.92018 Q4 · Prepared remarks: +10.82019 Q1 · Prepared remarks: +12.72019 Q2 · Prepared remarks: +0.02019 Q3 · Prepared remarks: -9.32019 Q4 · Prepared remarks: +8.82020 Q1 · Prepared remarks: +10.22020 Q2 · Prepared remarks: -2.32020 Q3 · Prepared remarks: +3.52020 Q4 · Prepared remarks: +12.22021 Q1 · Prepared remarks: +11.32021 Q2 · Prepared remarks: +9.32021 Q3 · Prepared remarks: +4.52021 Q4 · Prepared remarks: +10.22022 Q1 · Prepared remarks: +15.72022 Q2 · Prepared remarks: +9.72022 Q3 · Prepared remarks: +10.62022 Q4 · Prepared remarks: +15.32023 Q1 · Prepared remarks: +17.62023 Q2 · Prepared remarks: +12.52023 Q3 · Prepared remarks: +16.52023 Q4 · Prepared remarks: +9.92024 Q1 · Prepared remarks: +17.22024 Q2 · Prepared remarks: +14.22024 Q3 · Prepared remarks: +15.62024 Q4 · Prepared remarks: +14.52025 Q1 · Prepared remarks: +14.22007 Q4 · Q&A responses: +4.72008 Q1 · Q&A responses: +9.92008 Q2 · Q&A responses: +2.02008 Q3 · Q&A responses: +7.92008 Q4 · Q&A responses: +0.22009 Q1 · Q&A responses: -7.42009 Q2 · Q&A responses: +1.32009 Q3 · Q&A responses: +4.82009 Q4 · Q&A responses: -2.02010 Q1 · Q&A responses: +0.02010 Q2 · Q&A responses: +5.32010 Q3 · Q&A responses: +0.82010 Q4 · Q&A responses: +8.72011 Q1 · Q&A responses: +7.32011 Q2 · Q&A responses: +4.32011 Q3 · Q&A responses: +1.42011 Q4 · Q&A responses: +9.02012 Q1 · Q&A responses: +5.92012 Q2 · Q&A responses: +2.42012 Q3 · Q&A responses: +2.32012 Q4 · Q&A responses: -0.32013 Q1 · Q&A responses: -5.02013 Q2 · Q&A responses: -0.52013 Q3 · Q&A responses: +4.42013 Q4 · Q&A responses: +8.32014 Q1 · Q&A responses: +8.42014 Q2 · Q&A responses: +3.22014 Q3 · Q&A responses: +7.92014 Q4 · Q&A responses: +6.52015 Q1 · Q&A responses: +8.92015 Q2 · Q&A responses: +6.22015 Q3 · Q&A responses: +6.42015 Q4 · Q&A responses: +11.92016 Q1 · Q&A responses: +6.82016 Q2 · Q&A responses: -0.62016 Q3 · Q&A responses: +8.62016 Q4 · Q&A responses: +8.92017 Q1 · Q&A responses: +11.62017 Q2 · Q&A responses: +3.32017 Q3 · Q&A responses: +9.62017 Q4 · Q&A responses: +7.52018 Q1 · Q&A responses: +13.32018 Q2 · Q&A responses: +11.72018 Q3 · Q&A responses: +9.02018 Q4 · Q&A responses: +10.52019 Q1 · Q&A responses: +16.92019 Q2 · Q&A responses: +3.02019 Q3 · Q&A responses: +1.32019 Q4 · Q&A responses: -4.42020 Q1 · Q&A responses: +8.12020 Q2 · Q&A responses: -0.52020 Q3 · Q&A responses: +6.52020 Q4 · Q&A responses: +1.72021 Q1 · Q&A responses: +3.82021 Q2 · Q&A responses: +5.72021 Q3 · Q&A responses: +8.82021 Q4 · Q&A responses: +2.12022 Q1 · Q&A responses: +4.62022 Q2 · Q&A responses: +6.02022 Q3 · Q&A responses: +10.72022 Q4 · Q&A responses: +18.62023 Q1 · Q&A responses: +12.32023 Q2 · Q&A responses: +10.42023 Q3 · Q&A responses: +5.52023 Q4 · Q&A responses: +8.92024 Q1 · Q&A responses: +11.22024 Q2 · Q&A responses: +5.32024 Q3 · Q&A responses: +12.82024 Q4 · Q&A responses: +12.52025 Q1 · Q&A responses: +6.6
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

$6.77$14.66$22.552007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $9.322014 Q2: $9.992014 Q3: $10.492014 Q4: $10.932015 Q1: $10.402015 Q2: $10.542015 Q3: $10.702015 Q4: $8.452016 Q1: $7.862016 Q2: $7.912016 Q3: $8.002016 Q4: $7.882017 Q1: $8.412017 Q2: $9.952017 Q3: $10.612017 Q4: $11.652018 Q1: $12.822018 Q2: $13.702018 Q3: $14.632018 Q4: $15.412019 Q1: $15.312019 Q2: $15.472019 Q3: $14.552019 Q4: $12.842020 Q1: $12.042020 Q2: $8.932020 Q3: $11.192020 Q4: $13.672021 Q1: $14.752021 Q2: $17.402021 Q3: $18.332021 Q4: $18.262022 Q1: $18.152022 Q2: $18.892022 Q3: $19.152022 Q4: $19.762023 Q1: $18.842023 Q2: $19.932023 Q3: $19.562023 Q4: $19.432024 Q1: $18.982024 Q2: $20.212024 Q3: $21.46

Forward P/E

7.6313.8520.072007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 15.312014 Q2: 15.692014 Q3: 13.092014 Q4: 12.852015 Q1: 13.442015 Q2: 12.892015 Q3: 11.482015 Q4: 10.342016 Q1: 13.542016 Q2: 14.352016 Q3: 14.762016 Q4: 17.622017 Q1: 18.342017 Q2: 16.042017 Q3: 15.702017 Q4: 14.562018 Q1: 12.452018 Q2: 10.332018 Q3: 10.142018 Q4: 8.492019 Q1: 10.252019 Q2: 10.862019 Q3: 11.162019 Q4: 14.082020 Q1: 10.262020 Q2: 19.212020 Q3: 18.732020 Q4: 16.302021 Q1: 18.282021 Q2: 14.142021 Q3: 12.792021 Q4: 11.972022 Q1: 11.312022 Q2: 10.542022 Q3: 11.142022 Q4: 12.242023 Q1: 12.232023 Q2: 11.762023 Q3: 11.942023 Q4: 12.322024 Q1: 14.242024 Q2: 13.542024 Q3: 14.01

Divergence watch ⚑

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

  • 2015 Q3 tone ↓ -9.2 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↑ +3.9 fwd EPS ↓ -2.25 Tone rose while the forward EPS estimate was cut.
  • 2018 Q3 tone ↓ -2.1 fwd EPS ↑ +0.93 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -9.0 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q4 tone ↑ +10.6 fwd EPS ↓ -1.71 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↓ -4.0 fwd EPS ↑ +1.08 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-05+6.8——View →
2024 Q42025-02-04+11.4——View →
2024 Q32024-11-05+10.2$21.4614.0View →
2024 Q22024-08-01+6.5$20.2113.5View →
2024 Q12024-05-02+5.3$18.9814.2View →
2023 Q42024-02-06+5.5$19.4312.3View →
2023 Q32023-11-02+9.0$19.5611.9View →
2023 Q22023-08-03+8.3$19.9311.8View →