Shares of Chipotle Mexican Grill Inc. (CMG) - Get Report were active in after-hour trading Tuesday after it beat analysts' expectations for revenue, same-store sales and adjusted earnings per share in the third quarter.
Revenue increased 15% to $1.4 billion, compared with a Bloomberg-compiled forecast of $1.38 billion. Same-store sales gained 11%, compared to forecasts of a 9.3% increase, Yahoo reported.
The comparable-restaurant sales growth stemmed from a 7.5% increase in comparable restaurant transactions and a 3.5% increase in the average check size, the company said. Chipotle boosted menu prices last year.
Adjusted earnings per share totaled $3.82 in the third quarter, compared to the $3.21 projection compiled by Bloomberg, and up from $2.16 a year earlier.
Chipotle shares initially rose in after-hours trading, but the gave up ground later and were off $11.17, or 1.3%, to $819.90
The company anticipates it will reach the top end of its high single-digit guidance for comparable restaurant sales growth this year.
Chipotle expects store openings near the low end or slightly below its range of 140 to 155 this year. For 2020, the company expects to open 150 to165 new restaurants.
This article is commentary by an independent contributor. At the time of publication, the author held zero positions in the stocks mentioned.