Chipotle Mexican Grill (CMG) Will Host A Party All Night

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Chipotle Mexican Grill (CMG) quarterly revenue increased 33.9% to $274.3 million on comparable restaurant sales increased 11.6%. Net income rose 85.1% to $20.0 million and diluted earnings per share increased 81.8% to $0.60.

The analysts that follow the stock were looking for EPS of $0.45 on revenues of $262.9 million

For the full year 2007, management is updating its expectations for comparable restaurant sales by increasing the forecast to the high single to low double digit range.

Management also continues to expect the following for 2007:

  • 110 – 120 new restaurant openings
  • Non-cash stock compensation expense of approximately $8.0 to $8.5 million which includes 10 months of expense for the 2007 grants
  • An effective tax rate of approximately 38.0%
  • Diluted weighted average common shares outstanding of approximately 33.25 million

Investors began the party early. CMG shares traded up 7.5% after hours to $95, well above the 52-week high.

Douglas A. McIntyre