Shares of gym chain Planet Fitness (PLNT 11.25%) jumped on Thursday after the company reported financial results for the third quarter of 2024. As of 3:30 p.m. EST, Planet Fitness stock was up 11%, but it had been up by even more earlier in the day and had touched all-time highs.

Back to record highs

It's quite the comeback for Planet Fitness. From late 2021 through late 2023, the stock lost about half of its value, with concerns from short sellers regarding its billing practices as well as worries after it parted ways with long-term CEO Chris Rondeau. But fears may have been overblown considering that the company's trailing-12-month revenue is at an all-time high.

Planet Fitness grew Q3 revenue by 5% with a mixture of new locations and same-store sales growth of 4.3%. And not only did the top line grow, the company also grew the bottom line. It reported Q3 operating income of $81 million, up from $72 million in the prior-year period.

These are healthy numbers for Planet Fitness, and they've helped alleviate investors' concerns, sending the stock to new highs.

Where does Planet Fitness go from here?

With its Q3 report, Planet Fitness' management raised its full-year financial guidance for multiple metrics. For starters, it believes its revenue will grow by at least 8% this year compared with its previous guidance of 6% on the high end, thanks to better-than-expected same-store sales growth. Moreover, it raised its net-income guidance by the same amount.

Planet Fitness has over 2,600 locations but has recently slowed new openings. But strong numbers such as these support long-term growth. And management is targeting 5,000 locations in the U.S. as well as locations internationally. Therefore, if the company can keep turning in quarters like this, the stock could have more long-term upside.