Planet Fitness (PLNT) Tops Q1 EPS by 2c; updates guidance

Planet Fitness (NYSE: PLNT) reported Q1 EPS of $0.53, $0.02 better than the analyst estimate of $0.51. Revenue for the quarter came in at $248 million versus the consensus estimate of $250.63 million.

For the year ending December 31, 2024, the Company is updating or reiterating the following expectations:

It continues to expect new equipment placements of approximately 120 to 130 in franchisee-owned locations
It continues to expect system-wide new store openings of approximately 140 to 150 locations
It now expects system-wide same store sales in the 3% to 5% percentage range (previously it expected 5% to 6%)

The following are 2024 growth expectations over the Company\'s 2023 results:

It now expects revenue to increase in the 4% to 6% range (previously it expected 6% to 7%)
It now expects adjusted EBITDA to increase in the 7% to 9% range (previously it expected 10% to 11%)
It now expects adjusted net income to increase in the 6% to 8% range (previously it expected 9% to 10%)
It now expects adjusted net income per share, diluted to increase in the 7% to 9% range (previously it expected 10% to 11%), based on adjusted diluted weighted-average shares outstanding of approximately 88.0 million, inclusive of one million shares repurchased in 2024.

For earnings history and earnings-related data on Planet Fitness (PLNT) click here.

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