PLANO, Texas (AP) _ Rent-A-Center Inc. (RCII) on Tuesday reported fourth-quarter net income of $34.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Plano, Texas-based company said it had net income of 65 cents. Losses, adjusted for pretax gains, came to 41 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.
The company that leases furniture and appliances with an option to buy posted revenue of $639 million in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $658.5 million.
For the year, the company reported net income of $6.7 million, or 12 cents per share, swinging to a profit in the period. Revenue was reported as $2.7 billion.
Rent-A-Center shares have declined 20 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.93, an increase of roughly 9 percent in the last 12 months.
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