Life Time stock soars 10% premarket after earnings beat and upbeat guidance

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Life Time stock soars 10% premarket after earnings beat and upbeat guidance
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Life Time Group Holdings Inc. stock rose 10% in premarket trade Wednesday, after the operator of athletic country clubs posted better-than-expected profit...

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Life Time Group Holdings Inc. stock LTH rose 10% in premarket trade Wednesday, after the operator of athletic country clubs posted better-than-expected profit for the fourth quarter and offered upbeat guidance for 2023. Chanhassen, Minn.-based Life Time posted net income of $13.7 million or 7 cents a share, for the quarter, after a loss of $304.8 million, or $1.64 a share, in the year-earlier period. Revenue rose to $472.7 million from $360.5 million a year ago.

7 million or 7 cents a share, for the quarter, after a loss of $304.8 million, or $1.64 a share, in the year-earlier period. Revenue rose to $472.7 million from $360.5 million a year ago. The FactSet consensus was for EPS of 5 cents and revenue of $473 million. Chief Executive Bahram Akradi said the company is entering 2023 β€œwith great momentum,” and would prioritize improving its balance sheet, including by growing revenue and expanding margins.

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