Chipotle Mexican Grill Inc. (NYSE:CMG) reported higher profit for the first quarter as revenue showed growth. Chipotle Mexican Grill develops and operates fast-casual, fresh Mexican food restaurants in 35 states throughout the United States, the District of Columbia, and Ontario, Canada.
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Chipotle Mexican Grill Earnings Cheat Sheet for the First Quarter
Results: Net income for Chipotle Mexican Grill Inc. rose to $62.7 million ($1.97 per share) vs. $46.4 million ($1.46 per share) in the same quarter a year earlier. This marks a rise of 35.1% from the year-earlier quarter.
Revenue: Rose 25.8% to $640.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Chipotle Mexican Grill Inc. beat the mean analyst estimate of $1.93 per share. Analysts were expecting revenue of $630.6 million.
Quoting Management: “We’re delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and the farmers are resonating with our customers, allowing us to deliver double digit comps and record earnings during the quarter,” said Steve Ells, Founder, Chairman and co-CEO of Chipotle.
The company has seen double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 24.1%, with the biggest boost coming in the most recent quarter when revenue rose 25.8% from the year earlier quarter.
The company has now seen net income rise in three straight quarters. In the fourth quarter of the last fiscal year, net income rose 23.7% and in the third quarter of the last fiscal year, the figure rose 25.3%.
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of $1.81 versus a mean estimate of net income of $1.83 per share.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is $2.24 per share, up from $2.20 ninety days ago. For the fiscal year, the average estimate has moved up from $8.66 a share to $8.76 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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