Planet Fitness drops after co posts downbeat 2024 forecasts

Planet Fitness

22/02/2024 14:58

(Updates)
    ** Shares of Planet Fitness  PLNT.N  reverse premarket gains
to be down 3.1% at $63.81 in morning trade
    ** The fitness center operator projects 2024 revenue and
profit below estimates; says 2024 will be a year of transition
        ** Separately, also says CFO Tom Fitzgerald will retire
at the end of Aug
    ** Co sees FY revenue to increase in the 6% to 7% range vs.
estimates of 8.2% growth - LSEG data 
        ** Expects FY adj. EPS to grow in the 10% to 11% range,
compared to estimates of 13.5% growth 
  
        ** Still, PLNT 
    posts upbeat Q4 results, helped by increased member
enrollment at its fitness centers
    ** Posts Q4 revenue of $285.09 mln, slightly ahead of
estimates of $285.04 mln; reports adj. profit of 60 cents/shr vs
expectations of 58 cents
    ** As of Dec. 31, 2023, Planet Fitness had about 18.7
million members, up from 17 million members at the end of 2022
    ** As of last close, stock had fallen 9.8% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))