Life Time Fitness Inc. reported fourth-quarter earnings that exceeded analysts’ expectations.
The Chanhassen-based operator of 113 fitness centers reported fourth-quarter revenue of $315.3 million, up 8.3 percent from the same period last year. Net income for the quarter was $22.4 million, or 59 cents per share. Its adjusted net income of 71 cents per share was 2 cents above estimates.
The strong fourth quarter allowed the company to report annual revenue of $1.29 billion, which matched analysts’ expectations for the year. Annual revenue grew 7 percent, compared with $1.21 billion in 2013. Net income for 2014 was $114.4 million, or $2.94 per share, compared with $121 million, or $2.92 per share, in 2013.
Adjusted net income for the year was $117.8 million or $3.03 per share.
Last August, the company announced it was examining options to convert its real estate assets into a Real Estate Investment Trust. The company said in its earnings release that it is continuing to explore the options to split Life Time into a fitness center operating company and another invested in the underlying real estate assets of the company.
Life Time shares closed Thursday at $58.91, up 31 cents.