Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
Today, Upbound Group, Inc., a Delaware-based equipment rental and leasing company, announced significant changes in its financial oversight. The company’s Audit and Risk Committee decided to replace its current independent registered public accounting firm, Ernst & Young LLP (E&Y), with Deloitte & Touche LLP (Deloitte), effective for the fiscal year ending December 31, 2025.
The decision, made on Monday, came after a comprehensive review and solicitation of proposals from several accounting firms. Upbound Group informed E&Y of the change the following day, on Tuesday.
Throughout the fiscal years ending December 31, 2023, and 2024, Upbound Group reported no disagreements with E&Y on any accounting principles or practices, financial statement disclosures, or auditing scope or procedures that could have impacted E&Y’s audit reports. Additionally, E&Y’s audit reports for those years did not contain any adverse opinion or were not qualified or modified in any way.
Furthermore, during those same fiscal years, Upbound Group did not consult with Deloitte on any accounting principles or transactions that might have influenced the company’s consolidated financial statements.
In compliance with regulatory requirements, E&Y has provided a letter to the Securities and Exchange Commission (SEC), dated February 28, 2025, confirming their agreement with the statements made by Upbound Group in the Form 8-K filing.
This corporate update is based on information disclosed in a Form 8-K filing with the SEC. The transition to Deloitte as the new auditor marks a new chapter in Upbound Group’s commitment to maintaining robust financial governance and transparency. InvestingPro analysis suggests the stock is currently undervalued, with a substantial dividend yield of 5.86%. For detailed financial analysis and additional insights, including 8 more exclusive ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Upbound Group reported fourth-quarter earnings that exceeded analyst expectations. The company announced adjusted earnings per share of $1.05, surpassing the consensus estimate of $1.03. Revenue for the quarter reached $1.08 billion, slightly above the projected $1.06 billion, marking a 1.9% increase from the previous year. On a GAAP basis, Upbound reported diluted earnings per share of $0.55 for the quarter. Over the full year of 2024, the company achieved total revenue of $4.3 billion and GAAP diluted earnings per share of $2.21, with adjusted full-year earnings per share at $3.83. Despite these positive results, the company did not provide specific guidance for the upcoming quarter or fiscal year. These developments highlight Upbound Group’s recent financial performance and its resilience in the market.
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