Rent-Way said its 4th-quarter operating income would be below for...
Rent-Way said its 4th-quarter operating income would be below forecasts due to fewer-than-expected rental contracts and hurricane-related costs. The chain said its preliminary 4th-quarter core rental revenue was about $121.6 million, up 5% from a year ago. Shares of…
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Rent- Way, which touched a year low of $6.11 on Wed., fell 2 cents to $6.44 in afternoon trading on the N.Y. Stock Exchange. Rent-Way’s losses for property damage from Hurricanes Katrina and Rita were about $2 million, the chain said. This excludes the effect of insurance recoveries, which the firm pegs at $1.5-$2 million, in coming months, it said. Same-store core rental business revenue rose about 1.4% in the 4th quarter compared with the year-ago quarter.