by Christopher Freeburn | January 31, 2014 11:49 am
Chipotle Mexican Grill (CMG) reported sharply higher fourth-quarter earnings, sending CMG stock surging more than 13% in Friday morning trading.
CMG stock jumped after the restaurant chain operator posted a quarterly profit of $79.6 million, up about 30% from $61.4 million in the year-ago quarter. EPS came in at $2.53 a share, narrowly topping the profit of $2.52 per share of CMG stock that analysts had expected, Bloomberg noted.
During the fourth-quarter, CMG said it generated sales of $844.1 million, up 21% year-over-year. That also easily exceeded the sales of $826.3 million that Wall Street had anticipated.
Looking forward, CMG predicted a rise in same-store sales in the “low- to mid-single digit” percentage range for 2014.
During a conference call, CMG CFO Jack Hartung noted that prices for menu ingredients were rising, making it “likely” that CMG would raise prices during the third quarter of this year.
On Thursday, prior to the release of results, CMG stock closed at $493.96 a share. CMG stock has gained more than 60% over the past year.
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