Subtext

Westinghouse Air Brake Technologies Corporation WAB

SectorIndustrials
Transcripts25
Date range2019-04-25 – 2025-04-23
Calls charted25

Sentiment timeline

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

-22-11+0+11+222019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Overall: +17.62019 Q2 · Overall: +18.02019 Q3 · Overall: +13.12019 Q4 · Overall: +12.62020 Q1 · Overall: -0.22020 Q2 · Overall: +10.22020 Q3 · Overall: +14.82020 Q4 · Overall: +13.32021 Q1 · Overall: +14.32021 Q2 · Overall: +19.22021 Q3 · Overall: +15.92021 Q4 · Overall: +11.22022 Q1 · Overall: +12.92022 Q2 · Overall: +12.62022 Q3 · Overall: +12.52022 Q4 · Overall: +10.12023 Q1 · Overall: +14.62023 Q2 · Overall: +16.92023 Q3 · Overall: +18.12023 Q4 · Overall: +16.12024 Q1 · Overall: +13.92024 Q2 · Overall: +16.52024 Q3 · Overall: +15.42024 Q4 · Overall: +17.42025 Q1 · Overall: +8.3
Overall

CEO vs CFO

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

-41-21+0+21+412019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · CEO: +35.12019 Q2 · CEO: +26.62019 Q3 · CEO: +20.12019 Q4 · CEO: +20.82020 Q1 · CEO: +4.92020 Q2 · CEO: +13.92020 Q4 · CEO: +19.92021 Q1 · CEO: +22.42021 Q3 · CEO: +24.52022 Q1 · CEO: +22.92022 Q2 · CEO: +28.42022 Q3 · CEO: +27.42022 Q4 · CEO: +26.82023 Q2 · CEO: +32.52023 Q3 · CEO: +28.12023 Q4 · CEO: +32.92024 Q1 · CEO: +29.42024 Q2 · CEO: +30.52024 Q3 · CEO: +30.32024 Q4 · CEO: +36.02019 Q1 · CFO: +4.12019 Q2 · CFO: +10.22019 Q3 · CFO: +12.82019 Q4 · CFO: +9.42020 Q1 · CFO: -2.12020 Q2 · CFO: +0.42020 Q3 · CFO: +18.12020 Q4 · CFO: +14.72021 Q1 · CFO: +6.02021 Q2 · CFO: +29.82021 Q3 · CFO: +14.92021 Q4 · CFO: +19.22022 Q1 · CFO: +8.72022 Q2 · CFO: +5.72022 Q3 · CFO: +0.02022 Q4 · CFO: -0.32023 Q1 · CFO: +17.32023 Q2 · CFO: +11.62023 Q3 · CFO: +15.72023 Q4 · CFO: +15.62024 Q1 · CFO: +9.12024 Q2 · CFO: +12.42024 Q3 · CFO: +8.62024 Q4 · CFO: +7.92025 Q1 · CFO: +13.7
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-30-15+0+15+302019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Prepared remarks: +21.12019 Q2 · Prepared remarks: +18.52019 Q3 · Prepared remarks: +12.22019 Q4 · Prepared remarks: +11.12020 Q1 · Prepared remarks: -1.82020 Q2 · Prepared remarks: +9.02020 Q3 · Prepared remarks: +18.32020 Q4 · Prepared remarks: +16.32021 Q1 · Prepared remarks: +15.22021 Q2 · Prepared remarks: +23.62021 Q3 · Prepared remarks: +20.22021 Q4 · Prepared remarks: +14.72022 Q1 · Prepared remarks: +16.52022 Q2 · Prepared remarks: +15.22022 Q3 · Prepared remarks: +9.82022 Q4 · Prepared remarks: +13.12023 Q1 · Prepared remarks: +13.52023 Q2 · Prepared remarks: +21.12023 Q3 · Prepared remarks: +21.62023 Q4 · Prepared remarks: +26.42024 Q1 · Prepared remarks: +17.32024 Q2 · Prepared remarks: +22.42024 Q3 · Prepared remarks: +13.32024 Q4 · Prepared remarks: +24.62025 Q1 · Prepared remarks: +17.62019 Q1 · Q&A responses: +17.12019 Q2 · Q&A responses: +21.42019 Q3 · Q&A responses: +20.02019 Q4 · Q&A responses: +17.82020 Q1 · Q&A responses: +3.32020 Q2 · Q&A responses: +12.12020 Q3 · Q&A responses: +17.02020 Q4 · Q&A responses: +18.02021 Q1 · Q&A responses: +19.22021 Q2 · Q&A responses: +22.72021 Q3 · Q&A responses: +18.42021 Q4 · Q&A responses: +13.92022 Q1 · Q&A responses: +17.12022 Q2 · Q&A responses: +16.62022 Q3 · Q&A responses: +19.12022 Q4 · Q&A responses: +11.42023 Q1 · Q&A responses: +17.42023 Q2 · Q&A responses: +23.22023 Q3 · Q&A responses: +18.32023 Q4 · Q&A responses: +19.22024 Q1 · Q&A responses: +21.12024 Q2 · Q&A responses: +19.52024 Q3 · Q&A responses: +22.12024 Q4 · Q&A responses: +19.82025 Q1 · Q&A responses: +7.3
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

$3.63$6.08$8.522019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: $4.342019 Q2: $4.512019 Q3: $4.572019 Q4: $4.722020 Q1: $4.782020 Q2: $3.972020 Q3: $4.242020 Q4: $4.342021 Q1: $4.272021 Q2: $4.502021 Q3: $4.772021 Q4: $4.862022 Q1: $5.052022 Q2: $5.212022 Q3: $5.342022 Q4: $5.452023 Q1: $5.522023 Q2: $5.702023 Q3: $6.202023 Q4: $6.652024 Q1: $6.982024 Q2: $7.792024 Q3: $8.18

Forward P/E

7.5714.9122.242019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: 16.702019 Q2: 15.702019 Q3: 16.342019 Q4: 15.842020 Q1: 8.582020 Q2: 15.422020 Q3: 16.052020 Q4: 16.972021 Q1: 17.992021 Q2: 17.802021 Q3: 19.002021 Q4: 18.322022 Q1: 18.522022 Q2: 16.892022 Q3: 16.712022 Q4: 18.972023 Q1: 17.432023 Q2: 17.852023 Q3: 17.142023 Q4: 18.282024 Q1: 20.382024 Q2: 20.922024 Q3: 21.23

Divergence watch ⚑

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

  • 2019 Q3 tone ↓ -4.9 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -12.8 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +10.4 fwd EPS ↓ -0.81 Tone rose while the forward EPS estimate was cut.
  • 2021 Q3 tone ↓ -3.3 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -4.7 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -2.4 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↓ -2.0 fwd EPS ↑ +0.45 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -2.2 fwd EPS ↑ +0.33 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-23+8.3——View →
2024 Q42025-02-12+17.4——View →
2024 Q32024-10-23+15.4$8.1821.2View →
2024 Q22024-07-24+16.5$7.7920.9View →
2024 Q12024-04-24+13.9$6.9820.4View →
2023 Q42024-02-14+16.1$6.6518.3View →
2023 Q32023-10-25+18.1$6.2017.1View →
2023 Q22023-07-27+16.9$5.7017.9View →