Planet Fitness (PLNT) Misses Q1 EPS by 19c; Withdraws Guidance

Planet Fitness (NYSE: PLNT) reported Q1 EPS of $0.16, $0.19 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $127.2 million versus the consensus estimate of $155.67 million.

"We entered 2020 with very good momentum and the new fiscal year got off to a strong start," said Chris Rondeau, Chief Executive Officer. "The outbreak of COVID-19 in the U.S. has significantly disrupted our business as well as everyday life. In an effort to protect our members, team members and communities, we and our franchisees made the decision to temporarily close all Planet Fitness stores mid-March. We also took several actions to further strengthen our financial liquidity and flexibility during these unprecedented times. We are working closely with our franchisees and assessing recommendations from state and local governments and health authorities on plans for safely reopening our stores. While there is still uncertainty about the ultimate impact COVID-19 will have on our industry and the overall economy, I am confident that Planet Fitness will emerge from this period well-positioned to further expand its leadership role in the fitness industry."

GUIDANCE:

For the year ending December 31, 2020, the Company previously withdrew guidance as a result of uncertainty due to the COVID-19 pandemic. The Company is not providing an update at this time.

For earnings history and earnings-related data on Planet Fitness (PLNT) click here.

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