Planet Fitness Hits Record Highs After Earnings Beat Expectations

One year after its Wall Street debut, Planet Fitness Inc. stock jumped to new highs Thursday after reporting better-than-expected quarterly earnings. The chain of gyms said net income in the second quarter reached $18.1 million, or 11 cents a share, on revenue of $91.5 million; after adjustments for interest and other factors, the company claimed profit of 17 cents a share. Analysts on average expected Planet Fitness to report adjusted earnings of 15 cents a share on revenue of $85 million, according to FactSet. Analysts also projected same-store sales to grow 5.9% in the period, FactSet reported, while Planet Fitness said same-store sales jumped 7.6%. After closing with a 0.8% gain at $20.33 Thursday, Planet Fitness shares topped the all-time intraday high of $21.06 in late trading.