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NEW YORK (TheStreet) -- Shares of Freescale Semiconductor Ltd. undefined are gaining by 24.10% to $32.70 in mid-morning trading on Wednesday, after the company reported its 2014 fourth quarter earnings results which came in higher than analysts had anticipated.

For the most recent quarter the microcontroller and digital networking processors provider said its non-GAAP adjusted earnings were 42 cents per share on net sales of $1.10 billion.

Analysts polled by Thomson Reuters had forecast for earnings of 33 cents per share for the 2014 fourth quarter. The company's revenue for the quarter was in-line with analysts' consensus estimate.

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For the 2013 fourth quarter Freescale Semiconductor said its adjusted earnings were 19 cents per share on revenue of $1.08 billion.

Separately, TheStreet Ratings team rates FREESCALE SEMICONDUCTOR LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate FREESCALE SEMICONDUCTOR LTD (FSL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, good cash flow from operations, expanding profit margins and solid stock price performance. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

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