Planet Fitness (NYSE:PLNT) earnings for the gym chain owner’s second quarter of 2020 have PLNT stock falling after-hours Tuesday. That’s thanks to its adjusted loss per share of 32 cents missing Wall Street’s estimate of for a loss of 16 cents. However, its revenue of $40.23 million is better than analysts’ estimate of $38.12 million.
Here’s what else is worth mentioning from the most recent Planet Fitness earnings report.
- Adjusted per-share losses are a negative change from adjusted earnings per share of 45 cents during the same time last year.
- Revenue for the quarter comes in 77.9% lower than the $181.66 million reported in the second quarter of the previous year.
- Operating loss of $22.72 million is a massive decline year-over-year from an operating income of $65.27 million.
- The Planet Fitness earnings report also has net loss coming in at $31.99 million.
- That’s quite the drop compared to the company’s net income of $34.83 million in the same period of the year prior.
Chris Rondeau, CEO of Planet Fitness, said this during the earnings report.
“Following the temporary closure of all Planet Fitness stores in mid-March in response to the pandemic, 1,477 of our stores are reopened and operating to-date. This has been achieved through the execution of our expansive COVID-19 re-opening playbook designed to provide a safe and healthy in-store environment and strictly adhering to the guidelines laid out by state and local governments and health authorities.”
Planet Fitness isn’t ready to reintroduce its guidance just yet. The company initially withdrew its outlook due to the novel coronavirus. Many others have done the same during the pandemic.
PLNT stock was down 3% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.