Key points:
- Planet Fitness reported earnings before the bell Tuesday
- Earnings were in line with the consensus estimate
- Total members rose by 300 thousand
Planet Fitness (NYSE: PLNT) reported second-quarter earnings before the open Tuesday, with earnings in-line with analyst estimates and revenue missing forecasts.
The franchisor and operator of fitness centers posted earnings of $0.38, in line with the $0.38 consensus estimate but above last year’s $0.21 per share. Revenue came in at $224.4 million, below analyst expectations of $229.8 million. Revenue increased 63.5% year-over-year.
Planet Fitness ended the quarter with 16.5 million members, above the 16.2 million reported in Q1.
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Also Read: Is Planet Fitness An Inflation Proof Gym Stock?
“Our high-quality, affordable fitness experience resonates now more than ever as Americans are seeking value and feeling the rising costs of everyday items such as food and gas. We believe that people will continue to prioritize their health and wellness while being more cost-conscious, and we offer a welcoming environment for people of all fitness levels. During the second quarter, our join trend returned to pre-pandemic seasonality with the addition of approximately 300,000 net new members, ending the quarter with more than 16.5 million,” said Chris Rondeau, Planet Fitness’Chief Executive Officer.
“We now have more than 3.3 million teens enrolled in our High School Summer Pass, a program that offers teens a chance to work out for free at our gyms over the summer – an extremely important initiative given the ongoing and alarming teen mental health crisis. This is more than three times the number of participants than when we last ran the program in 2019. Nearly 15 percent of all high school-aged teens in the U.S. are either enrolled in the program or are a paying member at Planet Fitness. We’re proud to be helping them establish healthy habits that they can build upon into the future,” added Rondeau.
Planet Fitness sees full-year 2022 revenue increasing in the mid-50% range, with adjusted earnings per share rising in the mid-80% range.