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Rent-A-Center Q2 profit climbs 22.0% YOY

Rent-A-Center Inc. said its normalized net income for the second quarter amounted to 47 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

EPS increased 21.3% year over year from 39 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $25.3 million, an increase of 22.0% from $20.8 million in the year-earlier period.

The normalized profit margin increased to 3.3% from 2.7% in the year-earlier period.

Total revenue climbed 6.1% on an annual basis to $815.3 million from $768.4 million, and total operating expenses increased 5.4% on an annual basis to $762.8 million from $723.6 million.

Reported net income grew 31.0% year over year to $22.9 million, or 43 cents per share, from $17.5 million, or 33 cents per share.