Planet Fitness Reports Strong Q3 2024 Results

Planet Fitness Inc ( (PLNT) ) has released its Q3 earnings. Here is a breakdown of the information Planet Fitness Inc presented to its investors.

Planet Fitness, Inc., a leading franchisor and operator of fitness clubs worldwide, is known for its welcoming and non-intimidating environment, and operates under the brand name Judgement Free Zone®. The company has a substantial presence with over 2,600 clubs in multiple countries, serving approximately 19.6 million members.

In its latest financial report for the third quarter of 2024, Planet Fitness reported a revenue increase of over 5% compared to the previous year, along with a net income growth of approximately 3%. The company also announced a new $500 million share repurchase program and appointed Jay Stasz as the new Chief Financial Officer, effective mid-November 2024.

Key highlights from the report include a revenue increase to $292.2 million, driven by system-wide same club sales growth of 4.3%. Net income attributable to Planet Fitness rose to $42.0 million, while adjusted EBITDA saw a notable increase of 10% to $123.1 million. Additionally, the company successfully opened 21 new clubs during the quarter, expanding its overall club count.

The company is optimistic about its growth potential, raising its revenue and adjusted EBITDA outlook for 2024. Planet Fitness aims to continue enhancing its brand and member experience, with expectations for system-wide new club openings and equipment placements. The management remains focused on delivering long-term success for its franchisees and shareholders.

Moving forward, Planet Fitness plans to leverage its strategic priorities to redefine its brand and accelerate club openings, setting the stage for the next phase of growth. The company remains committed to providing value to its members and enhancing people’s lives through quality fitness experiences.