NEW YORK (TheStreet) -- Shares of Office Depot Inc. (ODP) are climbing higher by 14.40% to $5.80 in pre-market trading on Tuesday, after the company reported its adjusted net income for the 2014 third quarter was $52 million, or 10 cents per share, exceeding the FactSet estimate of 9 cents per share.
Office Depot posted a rise in total sales for the latest quarter to $4.1 billion, matching analyst expectations, from $2.6 billion for the same period last year.
However, the company, which is a retail seller of a variety of office and school supplies, said net income for the latest quarter declined to $29 million, or 5 cents per share, from $133 million, or 41 cents per share for the 2013 third quarter.
Looking ahead to the full year 2014, the company said it is expecting to report adjusted operating income between $255 million and $265 million, compared to its previous guidance of "not less than $200 million."
Separately, TheStreet Ratings team rates OFFICE DEPOT INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate OFFICE DEPOT INC (ODP) 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 robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and poor profit margins."
You can view the full analysis from the report here: ODP Ratings ReportODP data by YCharts