Aaron's Q2 Profit Declines; Cuts Higher End Of FY13 Adj. EPS Outlook

(RTTNews) - Aaron's, Inc. (AAN), Wednesday reported second-quarter net earnings of $25.9 million or $0.34 per share, compared to $36.2 million or $0.47 per share a year ago.

Adjusted earnings for the quarter increased to $38.6 million or $0.50 per share from $36.2 million or $0.47 per share in the comparable quarter last year.

For the first quarter, revenue increased 5 percent to $552.06 million from $538.62 million last year.

On average, analysts polled by Thomson Reuters expected the company to earn $0.50 per share and revenues of $562.92 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company expects earnings in the range of $0.48 to $0.52 per share and revenues of $550 million. Analysts currently estimate earnings of $0.51 per share and revenue of $564.88 million for the quarter.

For full-year 2013, the company expects GAAP earnings of $1.98 per share to $2.06 per share. The company now expects full-year 2013 non-GAAP earnings in the range of $2.15 to $2.23 per share and revenues of about $2.30 billion. Analysts currently estimate earnings of $2.19 per share on revenues of $2.33 billion.

Earlier, the company had expected Non-GAAP earnings of $2.15 to $2.27 per share and revenues of about $2.35 billion.