Chipotle Mexican Grill (CMG) Tops Q3 EPS by 60c, Comps Increase 11%, Offers Outlook

Chipotle Mexican Grill (NYSE: CMG) reported Q3 EPS of $3.82, $0.60 better than the analyst estimate of $3.22. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.38 billion.

Comparable restaurant sales increased 11.0%, net of 10 bps from loyalty deferral, and included nearly 7.5% of comparable restaurant transactions growth

Outlook:

For 2019, management is anticipating the following:

• Being at the top end of our prior high single digit comparable restaurant sales growth guidance
• Being at or slightly below our prior guidance of 140 to 155 new restaurant openings
• An estimated underlying effective Q4 tax rate in the range of 26% to 29%, before the impact of any stock option exercises

For 2020, management is anticipating the following:

• 150 to 165 new restaurant openings

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

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