Chipotle Mexican Grill (CMG) said after close Tuesday that it earned $10.5 per share in quarter one 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $2.4 billion, beating estimates by $29 million.
In the same quarter a year ago, the company earned $5.7 per share on revenue of $2 billion.
The stock is up 14.13% to $2,038.54 after the report.
Chipotle Mexican Grill's earnings expanded faster than revenues, signaling widening profit margins.
The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Chipotle Mexican Grill a Bearish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 73. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.
Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales of $8.6 billion in 2022. The Mexican concept is entirely company-owned, with a footprint of nearly 3,200 stores at the end of 2022, heavily indexed to the United States (though the firm maintains a small presence in Canada, the U.K., France, and Germany). Chipotle sells burritos, burrito bowls, tacos, quesadillas, and beverages, with a selling proposition built around competitive prices, high-quality food sourcing, speed of service, and convenience. The company generates its revenue entirely from restaurant sales and delivery fees.
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Chipotle Mexican Grill Up 14.13% To $2,038.54 After Earnings Beat
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