Shares of Chipotle Mexican Grill ( CMG) jumped in late trading Monday after the restaurant chain reported a better-than-expected profit in its first earnings release as a public company. Chipotle posted a profit of $4.3 million, or 16 cents a share, reversing a year-earlier loss of $3.7 million, or 14 cents a share. Revenue jumped to $173.3 million from $127.5 million, while same-store sales rose 14.3%. The results beat Wall Street's forecast for earnings of 11 cents a share and revenue of $168.5 million, based on Thomson First Call estimates. Chipotle, which was spun off from McDonald's ( MCD) in January, said restaurant sales momentum from the fourth quarter has continued into early 2006, helped by favorable weather in many markets, results against soft comparable sales in early 2005 and increased brand awareness generated by IPO-related publicity. Chipotle shares jumped $2.49, or 5.7%, to $45.90 in after-hours trading. MIVA ( MIVA) shares sank 12% after the online marketing company posted a wider-than-expected loss and offered a weak outlook. The company swung to a loss of $4.66 million, or 15 cents a share, from earnings of $4.75 million, or 15 cents a share, a year earlier. Excluding certain items, the company recorded an adjusted loss of 2 cents a share, 1 cent worse than analysts' mean estimate. Revenue fell to $43 million from $58.7 million. Analysts expected revenue of $42.8 million. For the current quarter, MIVA forecast an adjusted loss of 1 cent to 4 cents a share, with revenue of $43 million to $45 million. Analysts, on average, were looking for earnings of 2 cents a share and revenue of $45.7 million. MIVA shares fell 55 cents to $4.08 after hours. Harris ( HRS) shares climbed after the communications-systems company forecast fiscal 2007 earnings ahead of Wall Street's expectations. The company said it expects earnings of $2.45 to $2.55 a share for the year beginning July 1. Analysts are expecting earnings of $2.40 a share. The company, which offered its guidance ahead of its annual analyst meeting this week, projects fiscal 2007 revenue of $3.8 billion to $3.9 billion. Wall Street expects revenue of $3.78 billion. Shares gained $1.46, or 3.4%, to $44.70 after hours.
Shares of International DisplayWorks ( IDWK) rose after the maker of liquid crystal-display products beat Wall Street fiscal first-quarter expectations. The company posted income of $1.4 million, or 4 cents a share, for the quarter ended Jan. 31, compared with earnings of $1 million, or 3 cents a share, a year earlier. Excluding stock-options costs and a tax benefit, earnings for the latest quarter were $785,000, or 2 cents a share. Sales increased 30% to $23.5 million. Analysts were looking for earnings of 1 cent a share, before items, on sales of $22.5 million. For the second quarter, International DisplayWorks forecast revenue of $24 million to $30 million, at or below analysts' average estimate of $30.1 million. Separately, the company named Joe Bedewi, a financial controller from Intel ( INTC), as its new chief financial officer. Shares gained 23 cents a share, or 3.92%, to $5.87 in recent trading. Dendreon ( DNDN) slipped after the Seattle-based cancer-treatment company reported a wider-than-anticipated fourth-quarter loss. The company posted a loss of $24.8 million, or 40 cents a share, compared with a loss of $21.7 million, or 37 cents a share, a year ago. Revenue dropped to $37,000 from $75,000 a year ago. Analysts were expecting the company to post a loss of 34 cents a share on $70,000 in revenue. Dendreon shares shed 9 cents, or 1.9%, to $4.70 in late trading. Shares of Excel Maritime Carriers ( EXM) advanced after the Greece-based shipping company posted a big jump in its fourth-quarter profit. The company's income rose to $13.6 million from $9.6 million. Per-share earnings dipped to 68 cents from 80 cents, as outstanding shares increased to 19.9 million from roughly 12 million a year earlier. Two analysts had an average estimate for earnings of 54 cents a share. Revenue more than doubled to $35.7 million from $16.1 million. Shares gained 6 cents to $11.05 after hours.