Chipotle Posts $339.9M Third-Quarter Net Income
CMG is trading near its 52-week low of $27.31 (5.9% above the low).
Summary
Chipotle reported third-quarter net income of $339.9 million, or EPS of 27 cents, on revenue of $3.3 billion. Comparable restaurant sales rose 2.1%, digital sales were up 38.8%, and operating margin came in at 13.7%. The comp figure lands just below the Q2 trend of 2.2% growth, while the low single-digit full-year guidance remains the backdrop. In the quarter the company opened 84 company-owned restaurants, 53 of them with Chipotlanes, along with five partner-operated units, and it repurchased $110.0 million of stock at an average $34.05 per share. This lands after a rough stretch: a multistate salmonella outbreak tied to jalapeños weighed on shares through August, and takeover speculation involving Starbucks lifted the stock in early October. The release now gives enough detail to gauge whether the outbreak dented traffic or margins.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Chipotle opened 84 company-owned restaurants (53 with Chipotlanes) and five partner-operated units in Q3, and repurchased $110.0 million of stock at an average $34.05 per share.
At the time of this announcement, CMG was trading at $28.91 on NYSE in the Trade & Services sector, with a market capitalization of approximately $36.4B. The 52-week trading range was $27.31 to $41.42. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.