Chipotle Stock Pops As Q1 Earnings Crush Estimates
Chipotle Mexican Grill (CMG - Free Report) just released its first quarter financial results, posting adjusted earnings of $2.13 per share and revenues of $1.15 billion.
Chipotle is currently a Zacks Rank #3 (Hold). Shares of Chipotle are down 29% over the last year. However, Chipotle stock has in fact climbed 3% over the last four weeks, and jumped 1.93% to hit $339.52 per share on Wednesday prior to the release of its quarterly earnings results.
Chipotle stock is currently up 9.76% to $372.65 in after-hours trading shortly after its earnings report was released.
CMG:
Beat earnings estimates. The company posted adjusted earnings of $2.13 per share, beating the Zacks Consensus Estimate of $1.54 per share.
Matched revenue estimates. The company saw revenue figures of $1.15, matching our consensus estimate.
Chipotle’s quarterly revenues jumped roughly 7.4% from $1.07 billion in the year-ago period. The embattled company’s comparable restaurant sales popped 2.2%. Chipotle also noted that it opened 35 new restaurants, while it closed just two locations.
Meanwhile, the Denver-based company’s quarterly earnings surged 33% from $1.60 per share. Looking ahead, Chipotle plans to open between 130 and 150 new restaurants this year and report comp store sales in the low-single digits.
“We are in the process of forming a path to greater performance in sales, transactions, margins and new restaurants,” new CEO Brian Niccol said in a statement.
Here’s a graph that looks at CMG’s Price, Consensus and EPS Surprise history:
Chipotle Mexican Grill, Inc. Price, Consensus and EPS Surprise
Chipotle Mexican Grill, Inc. Price, Consensus and EPS Surprise | Chipotle Mexican Grill, Inc. Quote
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