Planet Fitness (PLNT) Stock Rallies, Q1 Results Top Estimates, Issues Positive Guidance

Planet Fitness (PLNT) shares are spiking on Wednesday morning, extending gains from yesterday when the fitness chain reported strong first quarter 2016 results after the market close.

Author:: U-Jin Lee
Publish date:: May 11, 2016 10:44 AM EDT

NEW YORK (TheStreet) -- Planet Fitness (PLNT) - Get Report shares are spiking 2.31% to $15.98 on Wednesday morning, extending gains from yesterday when the fitness chain reported strong first quarter 2016 results after the market close, sending shares up in after-hours trading.

Adjusted earnings of 15 cents a share topped Wall Street's expectations by 2 cents and was up from 13 cents a share it earned the previous year.

Revenue rose 8.3% to $83.3 million, also beating forecasts of $77.9 million.

"The year is off to a strong start," ECO Christopher Rondeau said. "We continue to be successful attracting new consumers to Planet Fitness, which, combined with system-wide same store sales growth of 6.8% contributed to our outperformance in the first quarter compared with guidance."

Thanks to the growing customer base, the company said it expects full-year 2016 earnings to be between the range of 62 cents to 65 cents a share and revenue to be between $360 million to $370 million.