By Jasmine Li
Shares of Planet Fitness bulked up after the company's third-quarter earnings beat analyst estimates.
The gym operator's stock rose 11% Thursday, and is on track for its highest close since Feb. 2022. Its revenue for the quarter rose to $292.3 million from $277.6 million year-over-year, and the company raised its guidance for the year.
"Planet is the Amazon of gyms and 3Q results were solid," Jefferies analysts said Thursday. The analysts expect the brand to become more attractive to franchisees, due to membership price increases and lower interest rates.
Planet Fitness has been less attractive to consumers, however-it lost about 100,000 members in the quarter. But the analysts project membership will grow in coming quarters as the price changes subside.
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(END) Dow Jones Newswires
November 07, 2024 15:45 ET (20:45 GMT)
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