Chipotle Mexican Grill (CMG) - Get Report saw its stock rise some 4% into record territory in after-hours trading Tuesday after the once-struggling restaurant chain reported second-quarter earnings and sales that exceeded analyst estimates.
"We're pleased with our financial performance, which marks the sixth consecutive quarter of accelerating comps and reflects continued progress on our key strategic initiatives," CEO Brian Niccol said in releasing the results after the bell. "These strong results were delivered despite a tougher year over year comparison and benefited from better restaurant operations, more effective marketing, and leveraging our digital make line to grow sales and expand access."
CMG said that second-quarter earnings totaled $3.22 a share net of a 77-cent expense for asset impairment, restructuring and other costs. Excluding those charges, adjusted earnings came in at $3.99 a share, up from $2.87 in the year-earlier period. Revenue similarly climbed 13% to $1.43 billion, while comparable-restaurant sales rose 10%.
Analysts surveyed by FactSet had expected $3.74 a share in profit on $1.41 billion of sales, with same-store sales rising 8.2%.
The stronger-than-expected results sent CMG shares rising nearly 4% to $767 shortly after 6 p.m. ET in after-hours trading, pushing the stock into what would be record-high territory for the regular session. That's also some 210% above a low Chipotle traded intraday in February 2018.
(This article has been updated.)