Our Fluid definition
Our Fluid. Handling businesses had mixed results, with a solid increase in sales but slightly lower profits. Sales and earnings increases in engineered valves were offset by a loss in commercial valves, largely the result of miscues in absorbing our 1997 ▇▇▇▇▇▇▇▇ acquisition, higher legal costs, and restructuring expenses in the U.K. Our pump businesses had flat results. Crane Controls reported flat sales and slightly lower earnings as a result of weak export markets and increasing price competition. All but one of our five businesses had lower earnings, although all remained solidly profitable. Crane's Financial Strength Crane ended 1998 in excellent financial condition, and we have ample ability to invest in our businesses and make further acquisitions. Although our long-term debt rose from $260.7 million in 1997 to $359.1 million, our debt-to-capitalization ratio at year-end remained a moderate 38%, compared with 34.9% at the end of 1997. We have ready access to credit on favorable terms, but our best source of funding, of course, is the cash that our businesses generate. Our businesses are profitable, increasingly so, as our 1998 margin increase attests. Cash flow, our first priority, set a new record of $2.88 per diluted share versus $2.42 in 1997. Our earnings before interest, taxes, depreciation and amortization (EBITDA) advanced from $255.1 million to $303.9 million. We invested $11.3 million in repurchasing 402,000 shares of Crane stock on the open market during the year, at an average cost of $28.22 per share. We have always been willing to repurchase shares when the market price, compared to our prospects, recommends we do so. On August 17, 1998, we announced a three-for-two stock split and a 20% increase in our quarterly dividend. A Bright Outlook Predicting worldwide business and economic conditions a year out is a dicey exercise, but our companies are well prepared to adjust as circumstances change. Accordingly, we expect another good year for Crane in 1999, with the help of a full year's results from our 1998 acquisitions. Continued strength in the domestic economy and the growth expected in Europe should help all our businesses. Russia and Brazil are major question marks and commercial air transport orders may have peaked, but there are signs of recovery in Asia, the semiconductor industry and even the oil patch. Meanwhile, we are working hard to fix our problems in the commercial valve business, and believe that our global approach, already successfu...
Examples of Our Fluid in a sentence
Fluid Sciences Our Fluid Sciences business unit produces static and dynamic seals, sealing systems, solenoid valves, bellows devices, advanced pneumatic components, systems and assemblies and sheet metal-formed products for market-leading original equipment manufacturers and end users.
Our Fluid Sciences business unit offers its products under various brand names, including Pressure Science(TM), ▇▇▇▇▇▇ Components(TM), Belfab(R), Centurion(TM), Automotive Research(TM), and Missouri Metal Shaping(TM).