UPDATE: Aaron's Beats Q4 Estimates

reported stronger-than-expected results for the fourth quarter. The Atlanta, Georgia-based company posted quarterly net income of $22.1 million, or $0.30 per share, compared to $22.7 million, or $0.30 per share, in the year-ago period. Excluding items, the company earned $0.39 per share. Its revenue climbed 37.2% to $759.7 million. However, analysts were expecting earnings of $36 per share on revenue of $739.1 million. Aaron's Sales & Lease Ownership division revenue fell 2% to $522.6 million in the quarter. Same store revenue in the core business fell 2.8% in the quarter, while customer count on a same store basis slipped 4.6%. During the quarter, the company opened 6 Company-operated Aaron's Sales & Lease Ownership stores, 4 franchised stores and 1 HomeSmart store. John Robinson, Chief Executive Officer of Aaron's, Inc. said, "As we look at Aaron's today, we believe we have the right blend of assets to grow this Company into a true omni-channel lease purchase provider. Aaron's people, technology, brand, customer-base, retail relationships, store footprint, distribution network and manufacturing assets uniquely position us to execute this strategy." For full year, Aaron's projects earnings of $1.90 to $2.10 per share, on total revenue of 3.05 billion to $3.25 billion. The company also expects FY15 core sales of $2.05 to $2.15 billion. Aaron's shares fell 0.89% to close at $31.22 yesterday.