Aarons Company Inc (AAN)

Aaron's, Inc. Stock (AAN) dropped by 21.15% from $8.89 to $7.01 in the trading on Tuesday October 24, 2023. The reason why AAN stock down today is due to its disappointing Q3 results and narrowed 2023 financial outlook. AAN delivered results in Q3 2023 today, but the company missed the consensus for its revenue, seemed to weigh on the stock as did the broader market sell-off, causing AAN stock down today.

• Revenues declined 11.4% Y/Y to $525.7M, misses the consensus by $10.4M, owing to weak lease revenues and fees, and drab retail sales at the Aaron's and BrandsMart businesses.
• Q3 Non-GAAP EPS of $0.01, misses the consensus by $0.06.
• Adjusted 2023 guidance: AAN updated its 2023 financial outlook by narrowing the ranges of various measures. Revenue is now projected to be $2.12B - $2.17B from $2.12B - $2.22B prior. Consensus is $2.18B. Net earnings is now $14M - $17.5M, from $16.8M - $25.5M.