07:44 AM EDT, 06/13/2024 (MT Newswires) -- Planet Fitness ( PLNT ) said Thursday that it has entered a $280 million accelerated share repurchase agreement with Citibank, as part of its $500 million repurchase authorization from November 2022.

The company said it will initially receive 3.1 million shares of class A common stock, 80% of the total shares expected to be repurchased. Final settlement is expected by Q3, it added.

Planet Fitness ( PLNT ) said it continues to expect 2024 adjusted earnings to increase in the range of 7% to 9% per diluted share.

Shares of the company were down nearly 2% in recent Thursday premarket activity.

Price: 71.05, Change: -1.43, Percent Change: -1.97