Planet Fitness Stock Climbs on Stronger-Than-Expected Profit

Dow Jones08-06

Planet Fitness Inc.'s stock (PLNT) rose 11% in premarket trading Tuesday after the fitness chain topped analyst estimates for adjusted profit and revenue, as its profit climbed 18%.

Planet Fitness said its second-quarter net income rose to $48.64 million, or 56 cents a share, from $41.14 million, or 48 cents a share, in the year-ago quarter. The gym operator's adjusted profit of 71 cents a share beat the FactSet consensus estimate of 60 cents a share. Revenue increased by 5% to $300.94 million from $286.4 million in the year-ago quarter and came in well ahead of the $288.6 million estimate by Wall Street analysts.

Chief Executive Colleen Keating, who took up the job in June, said the company got a boost from the "unique strength of our asset-light, highly franchised business model." During the quarter, the company refinanced some of its debt and OK'd a $280 million accelerated share buyback effort. Planet Fitness stock is down 1.4% so far in 2024, compared with an 8.7% rise by the S&P 500.

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