Rent-A-Center: 3Q Earnings Snapshot
PLANO, Texas (AP) _ Rent-A-Center Inc. (RCII) on Wednesday reported third-quarter profit of $31.3 million.
The Plano, Texas-based company said it had net income of 56 cents per share. Earnings, adjusted for non-recurring gains, were 47 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The company that leases furniture and appliances with an option to buy posted revenue of $649.4 million in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $629.8 million.
Rent-A-Center expects full-year earnings in the range of $2.10 to $2.35 per share, with revenue in the range of $2.64 billion to $2.67 billion.
Rent-A-Center shares have increased 48% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $23.98, an increase of 67% in the last 12 months.