Chipotle Mexican Grill (NYSE: CMG) reported Q1 EPS of $5.36, $0.47 better than the analyst estimate of $4.89. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.74 billion.

First quarter highlights, year over year:

• Revenue increased 23.4% to $1.7 billion
• Comparable restaurant sales increased 17.2%
• Digital sales grew 133.9% and accounted for 50.1% of sales
• Restaurant level operating margin was 22.3%, an increase of 470 basis points
• Diluted earnings per share was $4.45, net of a $0.91 after-tax impact from expenses related to the 2018 performance share ("PSU") modification to account for the unplanned effects of COVID-19, restaurant asset impairment and closure costs, as well as corporate restructuring, a 64.8% increase from $2.70. Adjusted diluted earnings per share excluding these charges was $5.36, a 74.0% increase from $3.08 1
• Opened 40 new restaurants and closed 5 restaurants

"Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication," said Brian Niccol, Chairman and CEO, Chipotle. "As vaccines roll out and we get closer to moving past this pandemic, I believe Chipotle is well positioned for growth. I'm excited about our future as we remain focused on innovating in culinary, leading in food with integrity, and providing convenient access inside our restaurants and through our expanding digital ecosystem."

COVID-19 and Liquidity Update:

The health and well-being of our employees and guests continues to be our top priority. Beyond the investments made in our people, restaurants, and supply chain, we are closely following the recommendations of the CDC and local health departments and have implemented social distancing, wearing face masks, a tamper evident packaging seal for all digital orders, as well as creating the steward role to sanitize high-traffic areas. Collectively, these efforts give our employees and guests confidence that Chipotle remains steadfast in our commitment to keep them safe as we continue to increase capacity for in-restaurant dining.

As of March 31, 2021, Chipotle continues to maintain a strong financial position with nearly $1.2 billion in cash, investments and restricted cash, and no debt. We also have access to a recently refinanced $500 million untapped credit facility with which to continue to navigate this crisis. Our financial strength gives us the opportunity to make on-going strategic investments in our people, business, and communities, which we believe will benefit us for years to come.

Outlook

For 2021, management is anticipating the following:

• Given on-going uncertainty surrounding the future impact of COVID-19 on the broader US economy and any specific impact to our company, we are not providing fiscal 2021 comparable restaurant sales growth guidance
• Around 200 new restaurant openings, which assumes minimal construction and permit delays related to COVID-19
• An estimated effective full year tax rate between 25% and 27%

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