NEW YORK (TheStreet) -- Shares of Office Depot (ODP) were gaining in pre-market trading on Wednesday after the company posted higher-than-anticipated earnings for the 2016 third quarter.

Before the market open, the Boca Raton, FL-based office supplies retailer reported adjusted earnings of 16 cents per share, topping analysts' estimates of 15 cents per share.

Revenue fell 7% year-over-year to $2.84 billion and missed Wall Street's projections of $3.49 billion.

For the fourth quarter, Office Depot said it expects total revenue to be lower than 2015 fourth quarter revenue of $3.48 billion. Analysts are looking for revenue of $3.44 billion.

The company expects to close about 65 stores in the fourth quarter as part of its retail store optimization plan and hopes to shutter roughly 300 locations over the next three years.

In September, the company said it would sell its European business to asset manager Aurelius. The deal value was not disclosed, but Office Depot said it expects the transaction to close by the end of 2016.

Office Depot also announced a quarterly dividend of 0.025 cents per share today. The dividend will be payable on December 15 to shareholders of record on November 25.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

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