HAMPTON, N.H. - Today, Planet Fitness, Inc. (NYSE:PLNT) announced its financial results for the fourth quarter, surpassing analyst expectations with adjusted earnings per share (EPS) of $0.60, $0.02 higher than the consensus estimate of $0.58. The company's revenue for the quarter reached $285.1 million, exceeding the anticipated $282.87 million and marking a 1.4% increase from the same quarter last year.
Planet Fitness attributed its strong quarter to the success of its New Growth Model, which aims to enhance franchisee returns and reduce capital requirements. Interim CEO Craig Benson emphasized the model's potential to expand the company's store portfolio sustainably. The company also reported a significant increase in system-wide same store sales, which rose by 7.7%.
For the fiscal year 2024, Planet Fitness anticipates revenue growth between 6% to 7%, with adjusted EBITDA expected to rise by 10% to 11%. Adjusted net income is projected to increase by 9% to 10%, and adjusted earnings per share are forecasted to climb by 10% to 11%, based on approximately 88 million adjusted diluted shares outstanding, inclusive of one million shares repurchased.
The company's optimistic outlook for the upcoming year, coupled with the robust fourth-quarter performance, signals confidence in its strategic initiatives and operational resilience amidst a changing macro-economic environment. Planet Fitness also highlighted its expansion plans, with a goal to grow its U.S. store count to 5,000, up from the 4,000 projected at its initial public offering in 2015.
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