Shares of Chipotle Mexican Grill (CMG) have surged higher in after-hours trading after the restaurant chain blew away earnings and revenue forecasts.Associated Press
Chipotle Mexican Grill reported a profit of $3.50, topping the Street consensus for $3.08, on revenue of $1.05 billion, beating forecasts for $988.94 million. At the same time, same store sales rose 17.3%. Yowsers.
Belus Capital Advisors’ Brian Sozzi loves what he sees from Chipotle:
Another quarter of sequential acceleration for Chipotle’s same-store sales to a whopping 17.3%. However, unlike the first quarter, Chipotle brought more of those strong sales to the bottom line, and blew away consensus estimates.
The read: as more of Chipotle’s markets are touched with menu price increases this quarter, the company is teed up for at least another two quarter of strong earnings growth that could materially surpass consensus (the amount of unknown as consensus estimates will climb following this report).
Shares of Chipotle Mexican Grill have gained 9.9% to 648.32 in after-hours trading.