RTTNews | Oct 26, 2021 10:34AM EDT

10:34 Tuesday, October 26, 2021 (RTTNews.com) - Crane Co. (CR) shares are rising on Tuesday morning trade after the company announced an increase in its third-quarter profit and raised full-year earnings guidance. The company also authorized new $300 million share repurchase authorization.

For the third quarter, the company reported net income of $116.6 million or $1.96 per share, compared to $56.6 million or $0.97 per share in the prior year. Net sales for the quarter increased to $833.5 million from $686.5 million in the previous year.

Further, the company raised its guidance for full-year earnings of $6.50-$6.60 per share from continuing operations, from the earlier view of $6.05-$6.25. The company also raised the adjusted earnings per share outlook to a range of $5.95-$6.15.

Currently, shares are at $103.18, up 10.24 percent from the previous close of $93.49 on a volume of $195,805.

For the 52-week period, the shares have traded in a range of $49.05-$106.12 on average volume of 242,038.

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