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Actionable news in RCII: Rent-A-Center Inc.,

Rent-A-Center Swings to a Loss, Cuts Projections

Rent-A-Center Inc. RCII 0.74 % swung to a loss in the third quarter, largely tied to a $34.7 million charge before taxes to adjust the value of its cellphone business.

Plano, Texas-based Rent-A-Center, considered the nation’s largest rent-to-own company, entered the smartphone business last year offering cellphone rentals in the U.S. with no credit check, deposit or long-term contract.

On Monday, the company said newer phones had exceeded...