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HAMPTON, N.Y. – Today, Planet Fitness, Inc. (NYSE:) announced its fourth quarter financial results. Adjusted earnings per share (EPS) of $0.60 beat analyst expectations and beat his consensus estimate of $0.58 by $0.02. The company’s revenue for the quarter reached $285.1 million, beating estimates of $282.87 million and increasing 1.4% year-over-year.
Planet Fitness attributed the strong quarter to the success of a new growth model aimed at increasing profitability and reducing capital requirements for franchisees. Interim CEO Craig Benson emphasized that this model has the potential to sustainably expand the company’s store portfolio. The company also reported that system-wide same-store sales increased significantly, increasing by 7.7%.
For fiscal 2024, Planet Fitness expects revenue growth of 6% to 7% and adjusted EBITDA to increase 10% to 11%. Based on approximately 88 million adjusted diluted shares outstanding, including 1 million share repurchases, adjusted net income increased 9% to 10% and adjusted earnings per share increased 10% to 11% expected to increase.
The company’s optimistic outlook for next year, coupled with its strong fourth quarter results, demonstrates confidence in its strategic initiatives and business resilience amid a changing macroeconomic environment. Planet Fitness also highlighted its expansion plans to increase the number of U.S. stores to 5,000 from the 4,000 expected at the time of its 2015 initial public offering.
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