IN FOCUS

Baker Hughes Incorporated announced that, in accordance with generally accepted accounting principles (GAAP), income from continuing operations for the first quarter of 2004 was $95.3 million or $0.29 per share (diluted), …

Pentair announced that its first quarter 2004 earnings per share (EPS) of $0.80 increased 43 percent over EPS of $0.56 in the same period last year. Pentair’s first quarter 2004 net sales totaled $767.1 million, up 20 percent from $637.5 million in the same period a year ago.

Diversified industrial manufacturer Eaton Corporation announced today it has signed an agreement with Invensys PLC to purchase its power systems business, Powerware Corporation, for $560 million.

IDEX Corporation announced that it has entered into a definitive agreement to acquire Scivex, Inc., a leading provider of fluidic components and systems for the analytical, biotechnology and diagnostic instrumentation markets.

Crane Co. announced that Karen E. Dykstra has joined the Company’s Board of Directors with her election at the Company’s annual meeting of shareholders.

The Board of Directors of Parker Hannifin Corporation declared a regular quarterly cash dividend of $0.19 per share of common stock payable June 4, 2004, to shareholders of record as of May 20. This brings the total current fiscal- year dividends declared to 76 cents.

In the first quarter of 2004, Sulzer recorded a high order intake: at CHF 548 million, new orders were nominally 14% up on the previous year and 9% higher when adjusted for currency and acquisitions effects.

Parker Hannifin Corporation reported a 122-percent increase in net income for the fiscal third quarter ended March 31, 2004. The company earned $107.8 million, or 90 cents per diluted share, on sales of $1.91 billion, compared with net income of $48.7 million, or 42 cents per diluted share, earned on sales of $1.65 billion last year.

For the first quarter of 2004 SKF reports a 6.0% increase in sales, measured in local currencies, compared to the same period in 2003. The operating margin was 8.5%. The price/mix increased by 1.1%. Cash flow continued to be strong.

Thomas Industries Inc. reported that earnings for the first quarter of 2004 were the highest for any quarter in the Company’s history, while sales were a record for any quarter for the pump and compressor business.