1. FIRST QUARTER 2005
CONFERENCE CALL
9:00 AM Eastern
April 20, 2005

2. RESULTS FROM CONTINUING
OPERATIONS
($ in millions, except per share figures)
Q 1 2005 Q 1 2004 % Change
Sales $1,449.0 $1,242.4 17%
EBT $134.4 $117.7 14%
Net Earnings $100.3 $83.8 20%
DEPS $.49 $.41 20%
Bookings $1,591.9 $1,427.8 11%
Backlog $1,197.0 $1,003.2 19%
– Sequential monthly improvements during the quarter
– Four industrial segments improved operating margins to 13.7 2

3. DIVERSIFIED
First Quarter First Quarter
($ in millions)
2005 2004 % Change
Sales $222.9 $184.9 21%
Earnings $24.3 $22.3 9%
Operating Margin 11% 12%
• Strong revenue growth; earnings impacted by an acquisition
• Industrial Equipment : sales +30%; earnings +5%
– Construction, commercial aerospace and military markets strong.
– The Avborne acquisition reduced margins due to initial acquisition and integration
costs.
• Process Equipment : sales +10%; earnings +14%
– Record color control product sales and earnings
– Heat exchanger market impacted by raw material price increases and lower
volumes in Europe.
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4. ELECTRONICS
First Quarter First Quarter
($ in millions)
2005 2004 % Change
Sales $135.6 $110.4 23%
Earnings $10.3 $11.1 - 7.0%
Operating Margin 7.6% 10.1%
• Acquisition drives revenue growth but impacts earnings and margins
• Components: sales +28%; earnings –13%
– Sales growth from the CFC and Voltronics acquisitions
– Earnings burdened by $2.4 million of special restructuring/severance charges
• Commercial Equipment: sales +11%; earnings - flat
– Strong ATM sales offset weaker liquid dispensing revenue
– Earnings reflect increased spending on business development, product
development and growth initiatives.
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5. INDUSTRIES
First Quarter First Quarter
($ in millions)
2005 2004 % Change
Sales $219.7 $195.6 +12%
Earnings $25.2 $21.1 +20%
Operating Margin 11.5% 10.8%
• Revenues rose for the eighth consecutive quarter driven by pricing, market strength
across a number of businesses, and strong military sales.
• Earnings improvement was driven by the increased volume along with productivity
gains.
• Mobile Equipment Group: sales + 15%; earnings +33%
– Strength in the transportation markets and commercial construction markets
driven by volume, product mix, and productivity gains.
• Service Equipment Group: sales + 9%; earnings + 2%
– Pricing moves taken in 2004 and early 2005 have mitigated the majority of steel
cost increases.
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6. RESOURCES
First Quarter First Quarter
($ in millions)
2005 2004 % Change
Sales $371.7 $290.8 27.8%
Earnings $63.8 $47.2 35.2%
Operating Margin 17.2% 16.2%
• Results improved significantly led by the Oil and Gas Group, but all groups contribute
• Oil and Gas Group: sales + 57%; earnings +85%.
– Driven by worldwide demand for oil and natural gas, and the acquisition of US
Synthetic in last year’s third quarter.
• Fluid Solutions Group: sales +22%; earnings + 28%.
– Results reflect Wilden’s acquisition of Almatec late in 2004, a strong rail and
truck market, an improving chemical market place, and strong commodity prices.
• Material Handling Group: sales +17%; earnings + 3%.
– Market conditions generally good except for automotive pricing pressure.
– Construction equipment, mobile cranes, aerial lift, powersports, and oil
production equipment markets were especially strong.
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7. SYSTEMS
First Quarter First Quarter
($ in millions)
2005 2004 % Change
Sales $165.6 $147.6 12%
Earnings $21.2 $15.6 36%
Operating Margin 12.6% 10.6%
• Strong performance, particularly margin improvement
• Food Equipment Group: sales + 14%; earnings + 29%
– Margins improved as a result of positive leverage on the incremental sales due
to pricing improvements, productivity programs and a favorable mix.
– Supermarket equipment sales - up 19% due to continued strong capital
programs of major customers.
• Packaging Equipment : sales + 9%; earnings + 32%.
– Large can necking and trimming equipment projects shipped in the first quarter
resulting in positive leverage.
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8. TECHNOLOGIES
First Quarter First Quarter
($ in millions)
2005 2004 % Change
Sales $336.0 $315.2 7%
Earnings $20.9 $26.6 -21%
Operating Margin 6.2% 8.4%
• CAT Group challenges offset PIP group gains
• Circuit Assembly & Test (CAT) Group: sales -7%; earnings – 61%
– Decline in earnings for the first quarter of 2005 as compared to same period in
2004 are principally attributable to the companies serving the back-end
semiconductor market.
– Semiconductor equipment industry trends potentially indicate bottom of cycle
with slight improvement in bookings for the first quarter of 2005.
• Product Identification and Printing (PIP) Group: sales + 43%; earnings + 47%
– Datamax acquisition contributed to strong results; European market weakness
and announcement of new product releases affected results.
– Europe was a very positive region for printing products. The strongest first
quarter in five years. 8

9. FIRST QUARTER OVERVIEW
•Sales Growth* Current Quarter
•Organic Growth 7%
•Acquisitions 8%
•Currency Translation 2%
•Total 17%
•Free Cash Flow*
– Operating activities: down $85 million – net tax funding and increased incentive pay
– Capital expenditures: + $7 million over prior year
– Full year level: still anticipated to be 6 – 8% of sales
•Acquisitions
– Four add-on acquisitions during the quarter for $100.7 million
•Net Debt to Capital Ratio
– First Quarter 2005: 21.5%
– First Quarter 2004: 19.1%
•Effective Tax Rate
– First quarter 2005 vs. 2004: 25.4% and 28.8%; reductions reflects favorable tax ruling
– Full year 2005 rate: projected at 28--30% before discrete items and possible repatriation
impact
*Refer to the Company’s press release for a definition of these terms and a reconciliation to the GAAP amounts, from 9
which they are derived.

10. Subsidiary & Group Breakdown
Diversified Industrial Equipment Crenlo, Sargent, Performance Motorsports
Process Equipment CRL, Graphics Microsystems, Hydratight Sweeney
SWEP,Tranter PHE, Waukesha Bearings
Electronics Commercial Equipment Hydro Systems, Triton
Dielectric, Novacap, K&L Microwave, Dow Key
Components
Kurz-Kasch, Vectron
Industries Mobile Equipment Heil Environmental, Heil Trailer, Marathon Somero
Service Equipment Chief, Koolant Koolers, PDQ, Rotary Lift
Resources Fluid Solutions Blackmer , OPW Fluid Transfer Group, OPW Fueling
Components, RPA Technologies, Wilden
Material Handling De-Sta-Co Industries, Texas Hydraulics, Tulsa Winch Warn
Oil & Gas Equipment C. Lee Cook, Energy Products Group
Systems Food Equipment DI Foodservice, Hill Phoenix
Packaging Equipment Belvac, SWF, Tipper Tie
Technologies Circuit Assembly & Test Alphasem, DEK, Everett Charles, Hover-Davis, OK
International, Universal, Vitronics
Imaje, Mark Andy
Product Identification & Printing
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