Controls industry aiming at a good year

12/01/1999



T he performance of the controls industry in 3Q99 followed the performance of industry in general. All the market indexes shown here were down, except the NASDAQ index, which was up 2%. This is surprising in light of the beating small caps took in the quarter and can be partially attributed to big gains made by small Internet companies during that period.

The CE Index was down 7% in 3Q99, while the Dow Jones Industrial Average was down 6% and the S&P 500 declined about 6.5%. The CE Index includes figures for some large companies with revenues that are about 25% of total sales. Six companies in the CE Index had double-digit drops in their market price; two experienced increases.

This negativity is not reflected, however, in the CE Market Value Index, which increased about 5% in 3Q99. This is due mainly to large gains in market value by National Instruments and Tyco, while the index's other companies posted slightly negative or insignificant changes in market value.

The Earnings per Share Index presents an even more favorable picture due to a 16% increase for 3Q99. There are two good reasons for this: only one firm's earnings declined in the 12-month period reported in the quarter, while Rockwell made a dramatic turnaround from negative to positive earnings for the same period.

The market declined in October, but then reversed itself, a trend that should continue until the end of 1999. If the controls field continues to parallel the overall market, it should produce a very satisfactory year for the industry.



Control Engineering Stock Index
Stock prices at close 6/30/99 ($) close 9/30/99 % chg. in quarter 52-wk. high Annual div. yield Price/earn. ratio 12-mo. EPS ($)
Ametek Inc.
18.25
23.0026.0331.060.87151.51
Allied Signal
2.49
63.0059.94-4.8668.631.1724
Ametek Inc.
1.53
23.0019.81-13.8625.751.0113
Badger Meter Inc.
2.39
34.7534.25-1.4441.002.0414
Eaton Corp.
4.70
92.0086.31-6.18103.502.0918
Emerson Electric Co.
2.93
62.9463.190.4071.442.0622
Flowserve
1.07
18.9416.63-12.2121.563.6116
Honeywell Inc.
4.67
115.88111.31-3.94126.311.0824
K-Tron Int'l.
2.14
17.6314.88-15.6019.750.007
Moore Products Co.
1.08
22.9422.63-1.3629.000.0021
National Instruments
0.81
40.3835.34-12.4648.250.0044
Rockwell Int'l.
1.46
60.7552.50-13.5864.941.9036
Transmation Inc.
0.17
3.132.75-12.005.380.0016
Tyco Int'l. Ltd.
2.67
94.75103.258.97105.880.1039
NC = noncalculable or not meaningful
Yield = % based on closing price
EPS = earnings per share
Div. = dividend

Source: Control Engineering with data from Nordby International Inc. (Boulder, Colo.), 303/938-1877, www.nordby.com.





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