Planet Fitness, Inc. PLNT reported solid third-quarter 2021 results, with earnings and revenues surpassing the Zacks Consensus Estimate as well as increasing on a year-over-year basis. The company benefitted from a rise in membership levels along with positive system-wide same store sales growth. It raised its 2021 earnings guidance. Following the robust results and an upbeat view, shares of the company moved up 11.7% during trading hours on Nov 4.Earnings & Revenue DiscussionDuring the third quarter, the company reported adjusted earnings per share (EPS) of 25 cents, which surpassed the Zacks Consensus Estimate of 17 cents by 47.1%. In the prior-year quarter, the company reported adjusted earnings of 2 cents per share.Total adjusted EBITDA at the end of the third quarter came in at $62.2 million compared with $32 million reported in the year-ago quarter.Planet Fitness, Inc. Price, Consensus and EPS Surprise Planet Fitness, Inc. price-consensus-eps-surprise-chart | Planet Fitness, Inc. Quote Quarterly revenues of $154.3 million beat the consensus mark of $136 million by 13.6%. The top line also surged 46.4% from the year-ago quarter’s levels on account of solid performances in the Franchise, Corporate-owned Stores and Equipment segments. During the quarter, system-wide same store sales increased 7.2% year over year.Segmental PerformanceDuring third-quarter 2021, Franchise segment revenues came in at $75.4 million compared with $59.8 million in the prior-year quarter. The upside was primarily driven by a rise in franchise royalty revenues ($10 million), NAF revenues ($1.3 million), franchise and other fees ($3.2 million). EBITDA in the Franchise segment came in at $52 million compared with $31.1 million in the prior-year quarter.The Corporate-owned Stores segment’s third-quarter revenues came in at $43.9 million compared with $28.3 million in the prior-year quarter. The upside was primarily driven by the resumption of operations at its temporarily-closed stores and revenues accumulated from the opening of seven new corporate-owned stores (since Jul 1, 2020). The segment’s EBITDA came in at $14.1 million compared with $5.7 million reported in the prior-year quarter.In the Equipment segment, revenues totaled $35 million compared with $17.3 million in the prior-year quarter. The uptick was primarily driven by higher equipment sales to new and existing franchisee-owned stores and discount offerings. EBITDA in the Equipment segment came in at $7.9 million compared with $2.3 million in the prior-year quarter.Other Financial DetailsAs of Sep 30, 2021, cash and cash equivalents totaled $527.3 million compared with $469.1 million as of Jun 30, 2021. Long-term debt (net of current maturities) amounted to $1,668.1 million at the end of third-quarter 2021 compared with $1,670.8 million at prior-quarter end.2021 OutlookFor 2021, the company expects revenues in the range of $570-$580 million, up from the prior estimate of $530-$540 million. Selling, General & Administrative expenses are anticipated in the low-to-mid $90-MILLION range.Adjusted EBITDA for 2021 is estimated between $210-$220 million, up from the prior expectation of $200 and $210 million range. Adjusted net income per share, diluted, for 2021 is anticipated between 75 cents and 80 cents, up from the prior estimate of 65-70 cents. The metrics are based on the assumption that there is no significant worsening of the COVID-19 pandemic that seriously impacts performance, including prolonged store closures or other mandated operational restrictions.The company anticipates new store openings for 2021 in the range of 110-120, up from the prior expectation of 75-100.Zacks Rank & Stocks to ConsiderPlanet Fitness currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some better-ranked stocks in the Zacks Consumer Discretionary sector include Golden Entertainment, Inc. GDEN, Camping World Holdings, Inc. CWH and RCI Hospitality Holdings, Inc. RICK. Golden Entertainment sports a Zacks rank #1, while Camping World and RCI Hospitality carry a Zacks Rank #2 (Buy).Golden Entertainment’s 2021 earnings are expected to surge 232.1%.Camping World has a trailing four-quarter earnings surprise of 70.9%, on average.RCI Hospitality has three-five-year EPS growth rate of 12%. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Camping World (CWH): Free Stock Analysis Report RCI Hospitality Holdings, Inc. (RICK): Free Stock Analysis Report Planet Fitness, Inc. (PLNT): Free Stock Analysis Report Golden Entertainment, Inc. (GDEN): Free Stock Analysis Report To read this article on Zacks.com click here.