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published in Blogs
Jul 22, 2021
Chipotle (CMG, $1,755.30) beats Q2 earnings expectations

Chipotle (CMG, $1,755.30) beats Q2 earnings expectations

Shares of Chipotle Mexican Grill  reported second quarter earnings that exceeded analysts’ expectations.

The fast casual restaurant chain's  net income came in at $6.60 a share, compared to the $6.50 per share predicted by analysts surveyed by FactSet. The earnings were also higher than the year-ago quarter’s 29 cents. Adjusted earnings for the quarter were $7.46 a share, also topping analysts’ estimate of $6.53; the figure is also above the year-ago quarter’s 40 cents.

Revenue rose +39% year-over-year to $1.89 billion in the quarter, compared to  analysts’ estimate of $1.88 billion.

Chipotle has projected comparable restaurant sales growth in the low- to mid-double digits for  the third quarter.

Chipotle Chief Executive Brian Niccol indicated that the company is optimistic on achieving its goal of $3 million average unit volumes with “industry leading returns” on invested capital that are expected to improve as it continues to add Chipotlane drive-through lanes.

Related Tickers: CMG