Controls industry posts mixed results in 1Q99

Just before the Dow Jones Industrial Average reached the magical 10,000 level at the end of first quarter 1999 (1Q99), three of four indexes tracked in Market Update grew beyond 4Q98 levels. Dow Jones increased 6.6%, S&P 500 index was up 4.7%, and NASDAQ grew 12.3%. However, the Control Engineering (CE) index decreased 6.

06/01/1999


Just before the Dow Jones Industrial Average reached the magical 10,000 level at the end of first quarter 1999 (1Q99), three of four indexes tracked in Market Update grew beyond 4Q98 levels. Dow Jones increased 6.6%, S&P 500 index was up 4.7%, and NASDAQ grew 12.3%. However, the Control Engineering (CE) index decreased 6.6% during 1Q99.

Earnings didn't suffer

This decline was reflected in CE's market value index, which decreased slightly from 1.43 to 1.41. The main reason for this overall drop was decreased market value for many of the index's largest companies, including Emerson Co. and Rockwell International. Four of the firms increased market value, while the rest experienced varied decreases.

The good news for 1Q99 is that earnings didn't suffer. CE's earnings per share index increased slightly from 0.93 to 0.97.

The CE stock index's profile also evolved during 1Q99. Eaton Corp. was selected to replace Elsag Bailey after that company was acquired by ABB. The stock index is based on the performance of 13 companies or divisions that derive all or at least 25% of revenues from industrial control products.

Performances in 2Q99 should show significant improvement based on overall market behavior and companies' earnings expectations during these recent months.



Control Engineering Stock Index

Stock prices at close 12/31/96

($) close 3/31/99

% chg. in quarter

52-wk. high

Annual div. yield

Price/earn. ratio

12-month EPS ($)

Ametek Inc. 22.31

18.25

-18.21

31.38

1.10

12

1.50

Badger Meter Inc. 35.63

30.69

-13.86

40.63

2.28

14

2.12

Daniel Industries 12.13

15.25

25.77

22.25

1.31

18

0.86

Eaton Corp. 70.69

71.50

1.15

94.19

2.52

15

4.80

Emerson Electric Co. 60.50

52.94

-12.50

67.44

2.46

19

2.82

Flowserve 16.56

15.56

-6.04

32.00

3.86

13

1.20

Honeywell Inc. 75.31

75.81

0.66

96.38

1.58

17

4.48

K-Tron Intl. 18.50

18.00

-2.70

21.25

0.00

9

2.03

Moore Products Co. 24.50

20.75

-15.31

36.00

1.93

16

1.26

National Instruments 34.13

28.50

-16.48

36.50

0.00

26

1.10

Rockwell Intl. 48.56

42.44

-12.61

50.31

2.36

NC

-1.92

Transmation Inc. 3.38

3.00

-11.11

8.00

0.00

14

0.22

Tyco Intl. Ltd. 75.44

71.75

-4.89

79.94

0.14

33

2.20

NC = Noncalculable or not meaningful
EPS = Earnings per share
Yield = Percent based on closing price
Div. = Dividend
Source: Control Engineering with data from Nordby International (Boulder, Colo.), 303/938-1877, www.nordby.com





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