Planet Fitness Raises Revenue Forecast After 9% Quarterly Gain

Net income fell to $52 million from $58.8 million a year earlier, while reported earnings were 70 cents a share in both periods. Excluding certain one-time items, earnings reached 83 cents a share, above FactSet-polled analysts’ estimate of 81 cents.

System-wide same-club sales rose 1.5%, ahead of analysts’ expected 0.3% increase but well below the 6.9% gain recorded a year earlier. Chief Executive Colleen Keating said the company was progressing on initiatives to accelerate membership growth and reinforce affordability. She also cited international expansion, including the acquisition of Be-Fit in Portugal, which she said brought Planet Fitness into its sixth international market and its second European country.

The company now expects full-year revenue to increase about 8%, compared with its previous forecast of 7%. It raised its projection for system-wide same-club sales growth to about 1.5% to 2%, from about 1%. Its forecast for adjusted earnings per share to rise about 6% was unchanged.

Planet Fitness shares rose 1.3% to $58.10 ahead of the opening bell.