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Rent-A-Center profit misses consensus by 50.9% in Q3


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Rent-A-Center profit misses consensus by 50.9% in Q3

Rent-A-Center Inc. said its normalized net income for the third quarter was 7 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS decreased 84.8% year over year from 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.8 million, a decline of 84.8% from $25.0 million in the year-earlier period.

The normalized profit margin fell to 0.5% from 3.2% in the year-earlier period.

Total revenue fell 12.3% year over year to $693.9 million from $791.6 million, and total operating expenses declined 8.5% on an annual basis to $676.2 million from $739.3 million.

Reported net income totaled $6.4 million, or 12 cents per share, compared to a loss of $4.3 million, or a loss of 8 cents per share, in the prior-year period.