Planet Fitness jumps on upbeat 2023 earnings forecast

Planet Fitness

07/11/2023 12:49

** Shares of Planet Fitness  PLNT.N  up 5.1% at $58 in
premarket trading
    ** Co tops Q3 revenue estimates and raises 2023 revenue and
profit growth outlook, benefiting from an increase in members at
its fitness centers 
    ** Posts Q3 revenue of $277.6 mln vs estimates of $268.2 mln
- LSEG data
    ** PLNT expects FY revenue to increase by 14% vs previous
expectations of 12%
    ** Sees FY adjusted earnings per share increase by 35% vs
earlier forecast of 34%
    ** However, co continues to expect system-wide same-store
sales in high single-digit percentage range
    ** PLNT ends Q3 with total membership of more than 18.5
million 
    ** As of last close, stock down 30% YTD

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