Life Time Fitness Inc. said Thursday that its third-quarter profit grew 7 percent, in line with market expectations.
The Chanhassen-based owner of 107 fitness clubs nationwide said operating expenses grew at a marginally faster rate than revenue. Membership dues grew 4 percent, faster than volume of members.
Following the earnings announcement, Life Time shares swung throughout the day and wound up finishing down 0.9 percent on the New York Stock Exchange.
For the July-to-September quarter, Life Time said it earned $34.4 million, or 83 cents a share, meeting the consensus forecast of analysts. That's up from $32.1 million, or 77 cents a share, at the same time a year ago. Revenue grew 7 percent to $316 million.
The company said revenue at fitness centers open at least 13 months was up 4.3 percent in the quarter.
Life Time executives narrowed their revenue and profit outlook for the full year. They said they now expect 2013 profit to range from $121.5 million to $122.5 million, compared with the previous range of $121 million to $124 million. Full-year revenue is now expected to range from $1.205 billion to $1.21 billion, updated from $1.205 billion to $1.22 billion.
The company opened one new fitness center, in Reston, Va., during the quarter. It will open one in Montvale, N.J., during the fourth quarter.
Evan Ramstad • 612-673-4241
