SAN FRANCISCO (Thomson Financial) - Rent-A-Center Inc. late Monday reported
first-quarter adjusted earnings of $38.2 million, or 57 cents a share, versus
$47.9 million, or 67 cents a share, a year ago.
The mean estimate of analysts polled by Thomson Reuters was a per-share
profit of 50 cents.
The company recorded a first-quarter pretax restructuring expense of around
$2.9 million, which reduced net earnings by 3 cents a share.
In the year-earlier quarter the company reported a litigation-related charge
of a $51.3 million, which reduced earnings by 46 cents.
Net income for the period ended March 31 was $36.4 million, or 54 cents a
share, versus $15.1 million, or 21 cents a share, in the prior-year period.
Revenue rose to $756.6 million from $755.3 million a year earlier, versus
the mean analyst expectation of $739 million.
The company sees second-quarter earnings of 53 cents to 59 cents on revenue
of $701 million to $716 million, and flat same-store sales.
The mean Wall Street estimate was for a per-share profit of 60 cents on
revenue of $713 million.
It expects 2008 earnings of $2.17 to $2.32 a share on revenue of $2.87
billion to $2.91 billion, and same-store sales in the flat to 2% range.
The mean Street view was a per-share profit of $2.21 on revenue of $2.88
billion.
The stock closed the regular session up 33 cents at $20.27 and rose a
further 7.3% to $21.75 in after-hours trading.
Brigid Gaffikin
bg/gm
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