NEW YORK (TheStreet) -- Shares of ACCO Brands Corp. (ACCO) - Get ACCO Brands Corporation Report are climbing higher by 16.08% to $8.52 on heavy volume in late morning trading on Wednesday, after the company reported a rise in its 2014 third quarter net income to $34.2 million, or 29 cents per share, compared to $26.4 million, or 23 cents per share for the year ago quarter.
The company, which supplies branded school and office products, said its adjusted net income for the most recent quarter grew by 21% to $35.2 million, or 30 cents per share, from $29.1 million, or 25 cents per share for the 2013 third quarter.
Analysts polled by Thomson Reuters expected ACCO Brands to earn 24 cents per share for the quarter.
ACCO's revenue was up to $472.2 million versus $469.2 million for last year's third quarter.
Analysts were expecting $450.62 million in revenue for the quarter.
"We gained market share and had a strong back-to-school season in North America. Disciplined expense management and ongoing productivity initiatives also contributed to our earnings growth," said company CEO Boris Elisman.
Separately, TheStreet Ratings team rates ACCO BRANDS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ACCO BRANDS CORP (ACCO) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, impressive record of earnings per share growth and notable return on equity. However, as a counter to these strengths, we also find weaknesses including poor profit margins, weak operating cash flow and generally higher debt management risk."
You can view the full analysis from the report here: ACCO Ratings Report