Chipotle Mexican Grill (CMG) Tops Q2 EPS by 43c

Chipotle Mexican Grill (NYSE: CMG) reported Q2 EPS of $3.50, $0.43 better than the analyst estimate of $3.07. Revenue for the quarter came in at $1.05 billion versus the consensus estimate of $988.13 million. Comps increased 17.3%

Outlook

For 2014, management expects the following:

• 180 – 195 new restaurant openings
• Mid-teens comparable restaurant sales increases
• An effective full year tax rate of approximately 39.1%

“We’re pleased that we continued to drive excellent results in the second quarter, including one of our strongest sales comps as a public company. These extraordinary results are made possible by our special food culture, innovative people culture, and strong business model that are not only creating significant shareholder value, but also helping us realize our vision to change the way people think about and eat fast food,” said Steve Ells, Founder, Chairman and co-CEO of Chipotle.

Monty Moran, co-CEO, continued, “Empowered teams of top performers can accomplish amazing things. Our Restaurateurs form the foundation of Chipotle’s culture, setting a standard for everyone else to follow. We are deeply committed to these leaders and the unique people culture they are building in their restaurants, which not only helps provide our guests with an exceptional dining experience, but also enables us to deliver great results to our shareholders.”

For earnings history and earnings-related data on Chipotle Mexican Grill (CMG) click here.

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