Planet Fitness Q3 Profit Beats Estimates; Increases Growth Expectations For 2022

(RTTNews) - Planet Fitness, Inc. (PLNT) reported that its third quarter adjusted net income increased to $38.2 million, or $0.42 per share, compared to $21.7 million, or $0.25 per share, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.38, for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased by 58.4% to $244.4 million. System-wide same store sales increased 8.2%. Analysts on average had estimated $234.59 million in revenue.

Net income attributable to Planet Fitness was $26.9 million, or $0.32 per share, compared to $17.4 million, or $0.21 per share, prior year.

For 2022, the company now expects adjusted earnings per share to increase in the mid-90 percent range. Previously, the company expected growth in the mid-80 percent range. Revenue is projected to increase in the high-50 percent range. Previously, the expected growth was in the mid-50 percent range.

The company's board authorized a new $500 million share repurchase program to replace the existing share repurchase program, which was authorized in 2019 and had approximately $106 million remaining.

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