Rent-A-Center Q3 Profit Surges

(RTTNews) - Rent-A-Center Inc. (RCII) Wednesday reported third-quarter net income of $64.0 million or $1.15 per share, up from $31.3 million or $0.56 per share last year.

Adjusted earnings were $1.04 per share, up from $0.47 per share last year.

Revenues for the quarter increased 9.6% to $712.0 million from $649.4 million last year, primarily due to an increase in same store sales revenue of 12.9 percent in the Rent-A-Center Business segment and a 9.3 percent increase in total revenues in the Preferred Lease segment.

Analysts polled by Thomson Reuters expected earnings of $0.96 per share on revenues of $702.76 million.

Looking forward to full-year 2020, the company now expects adjusted earnings of $3.35 to $3.50 per share and revenues of $2.795 billion to $2.825 billion. Previously, the company expected adjusted earnings of $3.15 to $3.45 per share and revenues of $2.78 billion to $2.83 billion. Analysts currently expect earnings of $3.28 per share on revenues of $2.80 billion.