IN FOCUS

The Board of Directors of ITT Industries, Inc. today voted to increase the quarterly dividend 6 percent to $0.17 per share, and declared a cash dividend of $0.17 per share for the first quarter of 2004, payable April 1, 2004, to shareholders of record on March 12, 2004.

Gardner Denver, Inc. announced that revenues for the three months ended December 31, 2003 were $116.6 million, a 12% increase compared to the fourth quarter of the previous year. Net income for the three-month period of 2003 was $6.5 million, a 39% increase compared to the same period last year.

The market for industrial pumps will rise from $27 billion this year to $31 billion in 2007. This is the new forecast displayed in the online Pumps: World Markets report published by the McIlvaine Company.

Dover Corporation earned $285.2 million or $1.40 diluted earnings per share (EPS) from continuing operations for the full year 2003, compared to $207.8 million or $1.02 EPS from continuing operations in the comparable period last year, an increase of 37%.

SKF reports increased sales, measured in local currencies, compared to 2002 both for the fourth quarter and for the full year. The operating margin, excluding restructuring expenses and impairments of MSEK 487, reached 10.3% for the fourth quarter and 9.2% for the full year.

Tecumseh ProductsCompany today announced that it will recognize a charge in the fourth quarter of 2003 for the impairment of goodwill associated with its European compressor operations.

Crane Co. reports fourth quarter 2003 net income of $33.7 million, or $0.56 per share, at the high end of management’s previous guidance, compared with a net loss of $51.2 million or ($0.86) per share reported for the fourth quarter 2002.

IDEX Corporation reported that orders, sales and earnings for the three and 12 months ended December 31, 2003, improved from the same periods of 2002. For the latest quarter, orders increased 3 percent, sales were up 6 percent and diluted earnings per share rose 30 percent to 48 cents from 37 cents in the year-ago period.

• Q4 revenues up 22 percent
• FY 2003 EPS is $4.29
• Cash flow exceeds expectations
• Company enters water disinfection market

Diversified industrial manufacturer Eaton Corporation announced net income per share of $1.44 for the fourth quarter of 2003, an increase of 53 percent over net income per share of $.94 in the fourth quarter of 2002. Sales in the quarter were $2.08 billion, 17 percent above the same period in 2002 and a record for the fourth quarter.