Stock Track | Planet Fitness Surges After Beating Q3 Earnings Estimates, Raising Guidance

Stock Track

07 Nov 2024

Planet Fitness-3.54%

Shares of Planet Fitness Inc. (NYSE: PLNT) soared over 6% in premarket trading on Thursday after the gym chain operator reported better-than-expected earnings for the third quarter of 2024 and raised its full-year guidance.

Planet Fitness posted adjusted earnings per share of $0.64 for Q3 2024, surpassing the consensus analyst estimate of $0.58. The company's revenue for the quarter came in at $292.25 million, exceeding the projected $285.87 million.

Citing the strong quarterly performance, Planet Fitness now expects its full-year 2024 revenue to grow in the range of 8% to 9%, up from its previous guidance of 4% to 6% growth. The company also announced a new $500 million share repurchase program after completing a $280 million buyback.

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