Subtext

Linde plc LIN

SectorMaterials
Transcripts25
Date range2019-05-10 – 2025-05-01
Calls charted25

Sentiment timeline

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

-13-6+0+6+132019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Overall: +1.62019 Q2 · Overall: +6.52019 Q3 · Overall: +7.62019 Q4 · Overall: +9.12020 Q1 · Overall: +3.72020 Q2 · Overall: +9.32020 Q3 · Overall: +7.52020 Q4 · Overall: +10.32021 Q1 · Overall: +9.52021 Q2 · Overall: +11.02021 Q3 · Overall: +9.02021 Q4 · Overall: +5.02022 Q1 · Overall: +3.72022 Q2 · Overall: +6.52022 Q3 · Overall: +3.12022 Q4 · Overall: +3.62023 Q1 · Overall: +3.92023 Q2 · Overall: +7.92023 Q3 · Overall: +3.92023 Q4 · Overall: +5.92024 Q1 · Overall: +2.32024 Q2 · Overall: +5.02024 Q3 · Overall: +2.42024 Q4 · Overall: +5.72025 Q1 · Overall: +4.0
Overall

CEO vs CFO

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

-20-10+0+10+202019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · CEO: +4.62019 Q2 · CEO: +16.22019 Q3 · CEO: +16.12019 Q4 · CEO: +16.22020 Q1 · CEO: +3.42020 Q2 · CEO: +10.52020 Q3 · CEO: +13.92020 Q4 · CEO: +13.82021 Q3 · CEO: +16.72022 Q1 · CEO: +6.32022 Q2 · CEO: +10.22022 Q3 · CEO: +5.92022 Q4 · CEO: +11.22023 Q1 · CEO: +9.62023 Q2 · CEO: +10.92023 Q3 · CEO: +6.52023 Q4 · CEO: +9.32024 Q1 · CEO: +12.32024 Q2 · CEO: +6.42024 Q3 · CEO: +6.52024 Q4 · CEO: +11.32025 Q1 · CEO: +5.52019 Q1 · CFO: +3.42019 Q2 · CFO: +7.82019 Q3 · CFO: +8.62019 Q4 · CFO: +8.62020 Q1 · CFO: +8.52020 Q2 · CFO: +17.12020 Q3 · CFO: +6.22020 Q4 · CFO: +12.42021 Q1 · CFO: +12.62021 Q2 · CFO: +14.32021 Q3 · CFO: -2.42021 Q4 · CFO: +6.22022 Q1 · CFO: +2.62022 Q2 · CFO: +0.92022 Q3 · CFO: +4.82022 Q4 · CFO: -7.92023 Q1 · CFO: +3.32023 Q2 · CFO: +6.72023 Q3 · CFO: +5.22023 Q4 · CFO: +4.02024 Q1 · CFO: +4.02024 Q2 · CFO: +9.52024 Q3 · CFO: +0.92024 Q4 · CFO: +1.52025 Q1 · CFO: +2.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-23-12+0+12+232019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Prepared remarks: +6.72019 Q2 · Prepared remarks: +16.02019 Q3 · Prepared remarks: +17.92019 Q4 · Prepared remarks: +20.32020 Q1 · Prepared remarks: +4.12020 Q2 · Prepared remarks: +19.42020 Q3 · Prepared remarks: +20.32020 Q4 · Prepared remarks: +13.02021 Q1 · Prepared remarks: +13.82021 Q2 · Prepared remarks: +19.52021 Q3 · Prepared remarks: +18.82021 Q4 · Prepared remarks: +14.22022 Q1 · Prepared remarks: +1.32022 Q2 · Prepared remarks: +3.02022 Q3 · Prepared remarks: +10.52022 Q4 · Prepared remarks: +7.82023 Q1 · Prepared remarks: +13.62023 Q2 · Prepared remarks: +14.32023 Q3 · Prepared remarks: +11.72023 Q4 · Prepared remarks: +11.22024 Q1 · Prepared remarks: +0.02024 Q2 · Prepared remarks: +13.82024 Q3 · Prepared remarks: +5.32024 Q4 · Prepared remarks: +15.02025 Q1 · Prepared remarks: +1.62019 Q1 · Q&A responses: +2.22019 Q2 · Q&A responses: +7.32019 Q3 · Q&A responses: +9.42019 Q4 · Q&A responses: +9.42020 Q1 · Q&A responses: +6.82020 Q2 · Q&A responses: +7.72020 Q3 · Q&A responses: +6.12020 Q4 · Q&A responses: +11.32021 Q1 · Q&A responses: +10.82021 Q2 · Q&A responses: +11.42021 Q3 · Q&A responses: +7.52021 Q4 · Q&A responses: +3.42022 Q1 · Q&A responses: +7.02022 Q2 · Q&A responses: +8.82022 Q3 · Q&A responses: +2.92022 Q4 · Q&A responses: +5.92023 Q1 · Q&A responses: +4.22023 Q2 · Q&A responses: +8.42023 Q3 · Q&A responses: +3.62023 Q4 · Q&A responses: +6.42024 Q1 · Q&A responses: +10.82024 Q2 · Q&A responses: +5.62024 Q3 · Q&A responses: +4.82024 Q4 · Q&A responses: +5.92025 Q1 · Q&A responses: +6.0
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

$6.46$11.96$17.472019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: $7.222019 Q2: $7.442019 Q3: $7.792019 Q4: $8.072020 Q1: $8.382020 Q2: $7.952020 Q3: $8.572020 Q4: $9.132021 Q1: $9.542021 Q2: $10.532021 Q3: $11.202021 Q4: $11.712022 Q1: $12.182022 Q2: $12.562022 Q3: $12.742022 Q4: $12.872023 Q1: $13.742023 Q2: $14.402023 Q3: $14.962023 Q4: $15.432024 Q1: $15.972024 Q2: $16.282024 Q3: $16.71

Forward P/E

17.9424.2730.612019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: 24.152019 Q2: 26.962019 Q3: 24.732019 Q4: 25.822020 Q1: 18.812020 Q2: 26.112020 Q3: 29.042020 Q4: 27.402021 Q1: 28.252021 Q2: 27.502021 Q3: 28.102021 Q4: 29.152022 Q1: 25.002022 Q2: 23.882022 Q3: 22.482022 Q4: 26.572023 Q1: 24.082023 Q2: 25.982023 Q3: 25.742023 Q4: 26.492024 Q1: 29.742024 Q2: 27.032024 Q3: 27.95

Divergence watch ⚑

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

  • 2020 Q1 tone ↓ -5.4 fwd EPS ↑ +0.30 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +5.6 fwd EPS ↓ -0.43 Tone rose while the forward EPS estimate was cut.
  • 2021 Q4 tone ↓ -4.0 fwd EPS ↑ +0.52 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↓ -3.3 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -4.0 fwd EPS ↑ +0.56 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -3.5 fwd EPS ↑ +0.54 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.6 fwd EPS ↑ +0.43 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+4.0——View →
2024 Q42025-02-06+5.7——View →
2024 Q32024-10-31+2.4$16.7127.9View →
2024 Q22024-08-02+5.0$16.2827.0View →
2024 Q12024-05-02+2.3$15.9729.7View →
2023 Q42024-02-06+5.9$15.4326.5View →
2023 Q32023-10-26+3.9$14.9625.7View →
2023 Q22023-07-27+7.9$14.4026.0View →