Rent-A-Center: 4Q Earnings Snapshot
PLANO, Texas (AP) _ Rent-A-Center Inc. (RCII) on Wednesday reported fourth-quarter earnings of $56.3 million.
On a per-share basis, the Plano, Texas-based company said it had net income of $1. Earnings, adjusted for one-time gains and costs, came to $1.03 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.
The company that leases furniture and appliances with an option to buy posted revenue of $716.5 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $716.6 million.
For the year, the company reported profit of $208.1 million, or $3.73 per share. Revenue was reported as $2.81 billion.
Rent-A-Center expects full-year earnings in the range of $5 to $5.55 per share, with revenue in the range of $4.31 billion to $4.46 billion.
Rent-A-Center shares have increased 42% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $54.49, more than doubling in the last 12 months.