Rent-A-Center Shares Drop Nearly 20% On Outlook

By Wallace WitkowskiMarketWatch Pulse

Rent-A-Center Inc. shares fell in the extended session Monday after the company's outlook fell well short of the Wall Street consensus. Rent-A-Center shares dropped 19% to $20.76. The company said it expects earnings of 52 cents to 62 cents a share in the fourth quarter, and $2 to $2.10 and share for the year. Analysts surveyed by FactSet had estimated 68 cents a share for the fourth quarter and $2.15 a share for the year. The company reported adjusted third-quarter earnings of 47 cents a sahre on revenue of $791.6 million. Analysts had forecast 45 cents a share on revenue of $803.6 million.

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