Planet Fitness CEO envisions 4,000 of the chain's gyms in the United States

Planet Fitness’ stock is all juiced up. And its run may not end anytime soon given the company’s growth trajectory.

Planet Fitness CEO Chris Rondeau tells Yahoo Finance existing franchisees have signed agreements to open 1,000 more new gyms. About half of the them will be opened within the next three years.

Rondeau says he sees the potential for Planet Fitness (PLNT) to reach 4,000 gyms. Currently, Planet Fitness operates 1,741 gyms worldwide, with North America being its largest market by far.

The strength of the business, fueled by Planet Fitness’ $10 membership luring in new gym goers, gives franchisees an incentive to open more locations.

Planet Fitness sales came in at $174.4 million versus Wall Street analyst estimates of $173.6 million. Earnings of 34 cents a share beat forecasts for 32 cents a share. Planet Fitness notched a mind-bending 10.1% same-store sales increase. It marked the 40th straight quarterly same-store sales increase for the low-cost gym chain.

Planet Fitness CEO Chris Rondeau poses for photos in front of the New York Stock Exchange, prior to his company's IPO, Thursday, Aug. 6, 2015.(AP Photo/Richard Drew)

Planet Fitness added 1.9 million net new members in 2018, bringing its total membership level to 12.5 million.

For 2019, Planet Fitness sees sales and earnings rising 15% and 25%, respectively, from the previous year.

Shares popped 4% in response to the results on Wednesday. The company’s market cap has gone to $5.8 billion, presently, from $1.58 billion following its successful August 5, 2015 IPO.

“Planet Fitness’ flywheel of momentum continues to be impressive. Through the company's investments in marketing, expanding affinity programs, increasing Black Card penetration, and membership growth, we expect the wheel to keep turning, TAM to increase, and for PLNT shares to grind higher,” says Jefferies analyst Randy Konik.

Brian Sozzi is an editor-at-large at Yahoo Finance. Follow him on Twitter @BrianSozzi

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