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Chipotle Earnings: CMG Stock Sees 1% Boost on Q3 Earnings Beat

Chipotle (NYSE:CMG) earnings for the Mexican restaurant chain’s third quarter of 2019 have CMG stock up in after-hours trading on Tuesday. This is due to its adjusted diluted earnings per share of $3.82. This easily blows past Wall Street’s estimate of $3.22 for the quarter. Revenue of $1.40 billion is also a blessing to CMG stock by beating analysts’ estimates of $1.38 billion.

Chipotle Earnings: CMG Stock Sees 1% Boost on Q3 Earnings Beat
Source: Northfoto / Shutterstock.com

Let’s look more thoroughly at the successful Chipotle earnings report for Q3.

  • Adjusted diluted per-share earnings are up 76.90% from $2.16 in the same period of the year prior.
  • Revenue comes in 14.60% above the $1.23 billion reported in the third quarter of 2018.
  • Operating income of $115.62 million is 99.37% above the $57.99 million from the same time last year.
  • The Chipotle earnings report also includes a net income of $98.58 million.
  • That’s up 158.06% YoY from $38.20 million.
  • CMG also notes that it saw its tax rate for Q3 2019 drop to 17.90% from 36.80% in Q3 2018.

Brian Niccol, CEO of Chipotle, says this about the current CMG stock earnings.

“We’re pleased with our overall results in the quarter, which reflects further progress on our key strategic initiatives to provide a great guest experience and position Chipotle to deliver above industry growth for many years to come. These strong results reinforce that running great restaurants with a purpose of cultivating a better world is a compelling proposition.”

CMG stock was up 1.66% in after-hours trading on Tuesday. The stock closed the day out down 2.40% but is up 92.07% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/10/chipotle-earnings-give-boost-to-cmg-stock/.

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