1Q02: another boom or just a fizzled bust?

Following a year of wild ups and downs in many stock markets, paralleled on a less widely fluctuating scale by the controls field, financial gauges indicated that many industries settled in for some significant gains during first quarter 2002 (1Q02). The Control Engineering Index managed to gain almost 5% in the first quarter, while the Dow Jones Industrial Average increased about 4%, and the...

06/01/2002


Following a year of wild ups and downs in many stock markets, paralleled on a less widely fluctuating scale by the controls field, financial gauges indicated that many industries settled in for some significant gains during first quarter 2002 (1Q02). The Control Engineering Index managed to gain almost 5% in the first quarter, while the Dow Jones Industrial Average increased about 4%, and the NASDAQ declined more than 5%.


However, the roller coaster of market value among many controls companies continued into 1Q02 with a drop that wasn't reflected by the CE Index's gain during the same period. This decline was attributed largely to the drop in Tyco International's stock price in 1Q02. Tyco represents the largest market value among companies in the CE Index, though it probably has less volume in actual controls products than other large companies in the index.


Despite these mixed tidings, news from other economic indicators was excellent. For example, a 5% increase in gross domestic product (GDP) in 1Q02 apparently surprised many analysts, who still seem to be reaching for explanations. One good rationalization is that the economy has mostly recovered from the unique influence of last September's World Trade Center and Pentagon attacks, though further adjustments still need to be made. Meanwhile, the interest rates affected appear to have stabilized, and signs that they might increase slightly in the near future seem to be positive.

If the momentum of 1Q02 can hold up for a while, the accompanying upswing in the controls industry could continue throughout the rest of 2002.

Control Engineering Stock Index

Stock prices

($)

% chg.

Annual

Price/

12-mo.

($) at close

close

in

52-wk.

div.

earn.

EPS

12/31/01

3/29/02

1Q02

high

yield

ratio

($)

Ametek Inc. 31.89

37.21

16.7

40.2

0.54

19

1.98

Badger Meter Inc. 22.43

27.5

22.6

33.50

3.64

27

1.03

Danaher Corp. 60.31

71.02

17.8

74.25

0.14

35

2.01

Eaton Corp. 74.41

80.98

8.8

85.5

2.22

34

2.39

Emerson Electric Co. 57.10

57.39

0.5

72.09

2.79

26

2.18

Flowserve 26.61

32.01

20.3

33.3

0

76

0.42

Honeywell Inc. 33.82

38.27

13.2

53.9

2.09

NC

-0.12

K-Tron International 10.45

12.25

17.2

15.45

0

28

0.43

National Instruments 37.46

41.82

11.6

43.5

0

62

0.68

Rockwell Automation 17.86

20.06

12.3

47.2

3.49

19

1.08

Siemens 65.48

65.85

0.6

80

0

8

8.78

Thermo Electron 23.86

20.73

-13.1

28.97

0

NC

-0.01

Transmation Inc. 1.37

1.15

-16.1

3.11

0

NC

-0.58

Tyco International Ltd. 58.90

32.32

-45.1

60.09

0.31

12

2.71

EPS = earnings per share
Yield = % based on closing price
Div. = dividend
NC = not calculable due to negative numbers
Source: Control Engineering with data from Cnet Investor (Boulder, Colo., www.investor.cnet.com , 303/938-1877)





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
Each year, a panel of Control Engineering and Plant Engineering editors and industry expert judges select the System Integrator of the Year Award winners in three categories.
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Additive manufacturing benefits; HMI and sensor tips; System integrator advice; Innovations from the industry
Robotic safety, collaboration, standards; DCS migration tips; IT/OT convergence; 2017 Control Engineering Salary and Career Survey
Integrated mobility; Artificial intelligence; Predictive motion control; Sensors and control system inputs; Asset Management; Cybersecurity
Featured articles highlight technologies that enable the Industrial Internet of Things, IIoT-related products and strategies to get data more easily to the user.
This article collection contains several articles on how automation and controls are helping human-machine interface (HMI) hardware and software advance.
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Infrastructure for natural gas expansion; Artificial lift methods; Disruptive technology and fugitive gas emissions
Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
click me