NEW YORK (TheStreet) -- Shares of Sierra Wireless Inc. (SWIR - Get Report) are climbing higher by 21.89% to $32.35 on heavy volume in mid-morning trading on Thursday, after the company reported its 2014 third quarter non-GAAP net earnings from continuing operations was $7.7 million, or 24 cents per diluted share, compared to $3.5 million, or 11 cents per diluted share for the year ago quarter.

The wireless technologies and solutions company said its adjusted EBITDA was $11.8 million versus $5.9 million for the 2013 third quarter.

Sierra Wireless' revenue grew by 27.6% to $143.3 million, from $112.3 million for the same period last year.

"In the third quarter of 2014, we leveraged our global leadership position in M2M to drive record revenue and strong profitability...While executing operationally, we will continue to pursue acquisitions that help accelerate our growth and enhance our strategic position," said company CEO Jason Cohenour.

Separately, TheStreet Ratings team rates SIERRA WIRELESS INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate SIERRA WIRELESS INC (SWIR) 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, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."

You can view the full analysis from the report here: SWIR Ratings Report

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