Chipotle earnings (NYSE:CMG) came out late in the day on Wednesday and the company posted results that were stronger than what analysts were projecting, helping to send CMG stock soaring after hours.
The chain said that for its fourth quarter of its fiscal 2018, it amassed net income of $32 million, or $1.15 per share. The figure marked a decline of 26.9% when compared to the year-ago quarter, when it brought in net income of $43.8 million, or $1.55 per share.
On an adjusted basis when excluding costs associated with restaurant closures, corporate restructuring and other costs, Chipotle earned $1.72 per share. The figure was considerably better than the $1.37 per share that analysts were calling for, according to Refinitiv.
The Mexican restaurant operator added that its revenue for the quarter tallied up to $1.23 billion, a 10.4% increase compared to the year-ago quarter, while also topping the $1.194 billion from the Refinitiv guidance. Plus, Chipotle’s same-store sales experienced a year-over-year growth of 6.1%, ahead of the 4.49% that Wall Street forecasted, per Refinitiv.
“I’m very pleased to report strong fourth quarter results with 6.1 percent comparable restaurant sales growth that included 2 percent transaction growth,” CEO Brian Niccol said in a statement. The company calls for a same-store sales increase in the mid-single digits for its fiscal 2019.
CMG stock is surging roughly 10% after the bell on Wednesday following the Mexican burrito chain’s strong quarterly performance. Shares had been sliding roughly 0.1% during regular trading hours as the company geared up to report its results.