Chipotle Mexican Grill (CMG) Posts Q3 EPS of $0.27; Comps Miss Views; Additional Stock Buyback Approved
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Chipotle Mexican Grill (NYSE: CMG) reported Q3 EPS of $0.27, $1.32 worse than the analyst estimate of $1.59. Revenue for the quarter came in at $1 billion versus the consensus estimate of $1.09 billion.
EPS impairment included $0.29 related to the ShopHouse impairment charge and $0.23 due to the deferral of revenue from Chiptopia
Comps fell 21.9 percent, versus an 18.7 percent drop expected
Our Board of Directors has also approved the investment of up to an additional $100 million, exclusive of commissions, to repurchase shares of our common stock. This repurchase authorization, in addition to up to approximately $69.2 million available as of September 30, 2016 for repurchases under a previously announced repurchase authorization, may be modified, suspended, or discontinued at any time
For 2016, management expects the following:
- New restaurant openings for the full year at or above the high end of the previously-disclosed range of 220 to 235
- Comparable restaurant sales declines in the low single-digits for the fourth quarter
- An effective full year tax rate of approximately 38.2%, which benefited from the recognition of tax credits earned in prior years
For 2017, management is targeting the following:
- 195 - 210 new restaurant openings
- Comparable restaurant sales increases in the high single-digits
- Restaurant level operating margins of 20%
- An estimated effective full year tax rate of approximately 39.5%, which will be impacted by volatility due to a recently issued accounting standard that changes how the company accounts for taxes associated with stock-based compensation awards.
- $10.00 earnings per diluted share
For earnings history and earnings-related data on Chipotle Mexican Grill (CMG) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Steelcase (SCS) Reports Preliminary Q3 EPS In-Line with Views, Revs Light
- Lee Enterprises (LEE) Reports Q4 EPS of $0.14
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
Create E-mail Alert Related CategoriesEarnings, Guidance, Hot Earnings, Retail Sales, Stock Buybacks
Related EntitiesStock Buyback, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!