Chipotle Quarter Sizzles

Chipotle(CMG Quote) posted a big first-quarter earnings beat Monday and set forth plans for McDonald's (MCD Quote) to sell an additional 4.1 million shares of the Mexican dining chain to the public.

Chipotle reported a first-quarter profit of $8 million, or 26 cents a share, up from $2.6 million, or 10 cents a share, a year earlier. Revenue rose to $187 million from $133.4 million, as same-store sales jumped 19.7%.

Analysts polled by Thomson First Call had an average estimate for earnings of 12 cents a share and revenue of $172.1 million.

"We were very pleased with our results for the first quarter, which saw significant increases in sales and profitability," Chipotle founder, Chairman and CEO Steve Ells said in a statement. "We credit improving restaurant level execution, IPO-related publicity and mild weather for our performance."

The company noted that same-store sales comparisons will become more challenging each quarter, and forecast that its full-year same-store sales will rise in the high-single-digit percentage.

Chipotle went public in January with a 7.9-million-share offering that came to the market with much fanfare. At the time, its parent, McDonald's, said it planned to retain an 88% voting interest and a 69% economic interest in the company. But late last month, the burger giant said it would cut all ties to Chipotle by the end of the year.

Chipotle said Monday that it plans to file a registration statement for a public offering of 4.82 million shares by current stockholders, including the 4.1 million by McDonald's. The company expects McDonald's to also grant underwriters an over-allotment option to buy up to 629,299 shares.

Chipotle expects to file the registration statement on or after Tuesday, with the offering to be completed during the current quarter. The company won't receive any proceeds.

In after-hours trading, Chipotle shares recently jumped $5.01, or 8.5%, to $64.28.