Chipotle (NYSE:CMG) earnings for the Mexican food chain’s second quarter of 2020 have CMG stock down after-hours Wednesday. That comes even after reporting adjusted earnings per share of 40 cents, which is better than Wall Street’s estimate of 19 cents. Its revenue of $1.36 billion also beats out analysts’ estimates of $1.32 billion.
Let’s take a deeper dive into the current Chipotle earnings report below.
- Adjusted per-share earnings are down 90% compared to $3.99 in the second quarter of 2019.
- Revenue for the quarter is sitting 4.8% lower than the $1.43 billion from the same period of the year prior.
- Operating loss of $4.94 million is a negative change year-over-year from an operating income of $120.02 million.
- The Chipotle earnings report also has net income coming in at $8.18 million.
- That’s a 91% decrease from the company’s net income of $91.03 million reported during the same time last year.
Brian Niccol, chairman and CEO of Chipotle, said this in the earnings report.
“Our investment in digital over the past few years has provided our customers with convenient access to Chipotle how and where they want it. We’ll continue to invest in elevating the digital experience, including opening more Chipotlanes, while innovating with new culinary offerings such as cauliflower rice, organic beverages and quesadillas. I’m confident we will finish 2020 with good momentum and be well positioned for the long run.”
Chipotle isn’t providing guidance at the moment due to the novel coronavirus. This has it following the same trend as many other companies withholding outlooks during the pandemic.
CMG stock was down 1.3% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.