Planet Fitness (PLNT) Tops Q2 EPS by 3c, Revenues Beat
Planet Fitness (NYSE: PLNT) reported Q2 EPS of $0.34, $0.03 better than the analyst estimate of $0.31. Revenue for the quarter came in at $140.6 million versus the consensus estimate of $131.03 million.
- Total revenue increased from the prior year period by 31.0% to $140.6 million.
- System-wide same store sales increased 10.2%.
- Net income attributable to Planet Fitness, Inc. was $25.9 million, or $0.29 per diluted share, compared to net income attributable to Planet Fitness, Inc. of $12.4 million, or $0.16 per diluted share in the prior year period.
- Net income was $30.4 million, compared to net income of $18.0 million in the prior year period.
- Adjusted net income(1) increased 53.3% to $33.2 million, or $0.34 per diluted share, compared to $21.7 million, or $0.22 per diluted share in the prior year period.
- Adjusted EBITDA(1) increased 21.8% to $58.4 million from $47.9 million in the prior year period.
- 44 new Planet Fitness franchise stores were opened during the period, bringing system-wide total stores to 1,608 as of June 30, 2018.
"Our second quarter results reaffirm that Planet Fitness is a high growth company,\" stated Chris Rondeau. "Total revenue increased over 30% with all three operating segments up double-digits, system-wide same store sales grew 10% on top of a 9% gain a year ago, and we added 44 new franchise stores to the system to surpass 1,600 stores in total. More importantly, our unique business model and recent tax reform allowed us to translate our exceptional top-line performance into an even stronger improvement in profitability. While we are very pleased with our many recent accomplishments, we believe the future is even brighter for our Company. There are numerous expansion opportunities for our high value, low cost non-intimidating fitness concept in the U.S. and internationally, we are pursuing exciting ways to enhance the member experience, and our strong cash generation and recent debt refinancing provide us with a high level of flexibility to return capital to shareholders. I am excited about our prospects for continued growth as I look ahead to the second half of 2018 and longer-term."
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