Planet Fitness Hits Record Highs After Earnings Beat Expectations

By Jeremy C. OwensMarketsMarketWatch Pulse

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.

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