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As a measure of valuation, Segarra uses the operating earnings yield (the inverse of the price-operating earnings ratio).
The adhesives operation generated 22% of Henkel's sales last year and 27% of its operating earnings.
Adjusted operating earnings were $1.78 a share.
These days, operating earnings are growing robustly.
"Net operating earnings for 1961 declined moderately".
Operating earnings grew by 9percentt.
But operating earnings fell sharply to $79 million.
Its operating earnings rose 9 percent, to $3.3 billion, and its operating earnings rose 15 percent, to $2.78 a share.
Operating earnings per share rose 29percentto to $4.68.
But the operating earnings of the S.&P.
Leuthold is projecting that operating earnings for the S.&P.
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