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Rent-A-Center Slips After Reducing Q3 Guidance

Rent-A-Center, Inc. (RCII) shares are tumbling more than 16 percent on Friday morning trade after the company reduced its earnings and revenue guidance for the third quarter.

The company now expects adjusted earnings in a range of $0.85-$0.95 per share, while its previous outlook was in a range of $1.05-$1.25 per share.

On average 5 analysts polled by Thomson Reuters expect the company to report $1.14 per share on revenue of $1.03 billion. Analysts' estimates usually exclude special items.

Revenue for the third quarter is currently expected in a range of $1.00-$1.020 billion, while the previous guidance was in a range of $1.00-$1.05 billion.

Currently, shares are at $18.61, down 16.66 percent from the previous close of $22.33 on a volume of 840,368.

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