PLNT - Why Planet Fitness Stock Got a Lift Today
Shares of exercise company Planet Fitness (NYSE: PLNT) got a lift on Tuesday after the company reported financial results for the third quarter of 2022 that beat analysts' expectations. And management raised its profit outlook for the rest of the year, which excited investors even more. As of 10:20 a.m. ET, Planet Fitness stock was up 11%.
There were a lot of good takeaways from Planet Fitness' Q3 results. Highlights include record high membership of 16.6 million people (up about 100,000 since last quarter), year-over-year (YOY) same-store-sales growth of 8.2%, and the opening of 29 new locations during the quarter.
For Q3, Planet Fitness generated revenue of $244 million, which was up 58% from the same quarter of last year. And net income of $30.7 million was up 65%. Importantly, the company surpassed analysts' expectations on both the top and bottom lines.
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Why Planet Fitness Stock Got a Lift Today