Shares of Chipotle Mexican Grill Inc. rose 5% in extended trades Thursday after the company reported better-than-expected third-quarter earnings.
The restaurant chain reported net income of $313.2 million, or $11.32 a share, compared to $257.1 million, or $9.20 a share, in the prior year’s quarter. Excluding a 4-cent after-tax impact from expenses related to corporate restructuring, adjusted earnings were $11.36 a share, up from $9.51 a share in the same period last year, Analysts surveyed by FactSet were looking for adjusted earnings of $10.55 a share.
Chipotle’s
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comparable restaurant sales increased by 5%, better than the 4.5% increase forecast by analysts surveyed by FactSet.
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Third-quarter revenue was $2.472 billion, up from $2.22 billion in the same period last year, and in line with analysts’ forecast. Food and beverage revenue was $2,456 billion and delivery revenue was $15.9 million. Analysts surveyed by FactSet were looking for restaurant revenue of $2.465 billion and delivery revenue of $16 million.
For the fourth quarter and full-year, Chipotle gave comparable restaurant sales outlook of growth in the mid to high-single-digit range. Analysts surveyed by FactSet had forecast fourth-quarter comparable restaurant sales of 5.3% and full-year growth of 7.1%.
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