RTTNews | Feb 24, 2021 10:37PM EST

22:33 Wednesday, February 24, 2021 (RTTNews.com) - Rent-A-Center Inc. (RCII) reported that its fourth-quarter net earnings rose to $56.3 million or $1.00 per share from $40.5 million or $0.72 per share last year.

Non-GAAP fourth quarter 2020 earnings per share were $1.03 compared to $0.58 in the fourth quarter of 2019. Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items. On a GAAP basis, the company generated $54.6 million in operating profit in the fourth quarter of 2020 compared to $67.8 million in the fourth quarter of 2019, with the decrease primarily due to the gain on the sale-leaseback of corporate headquarters in 2019.

Total revenues increased by 7.3 percent to $716.5 million, from last year, primarily due to an increase in same store sales revenue of 13.7 percent in the Rent-A-Center Business segment and a 4.8 percent increase in total revenues in the Preferred Lease segment, partially offset by a lower store count in the Rent-A-Center Business as a result of refranchising efforts and the rationalization of our Rent-A-Center Business store base. Analysts expected revenue of $712.94 million for the quarter.

For 2021, the company expects Non-GAAP earnings per share to be in the range of $5.00 to $5.55, and revenues of $4.305 billion to $4.455 billion. Wall Street currently is looking for fiscal year 2021 earnings of $3.92 per share on annual revenues of $3.16 billion.

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