Chipotle (CMG) shares rose to a new all-time high above $640 during the extended hours trading Monday after the company released a blockbuster quarterly report.
The Denver-based burrito maker reported second-quarter earnings of $3.50 per share, beating Wall Street’s predictions of $3.09 per share.
Revenue rose 28% to $1.05 billion surpassing expectations for $990 million.
During the quarter, the company’s same store sales grew 17.3% on a year-over-year basis, beating expectations for a 10.5% rise. Chipotle also added 45 new locations, bringing the total count to 1,681.
It was one of the most solid quarterly sales rates in Chipotle’s history as a public company, according to Chipotle Chairman and CEO Steve Ells.
“We’re pleased that we continued to drive excellent results in the second quarter, including one of our strongest sales comps as a public company. These extraordinary results are made possible by our special food culture, innovative people culture, and strong business model that are not only creating significant shareholder value, but also helping us realize our vision to change the way people think about and eat fast food,” Ells said in a statement.
Looking ahead, the restaurant chain expects 180 – 195 new restaurant openings, and “mid-teen” sales growth for the full year.
Chipotle shares, currently priced at 46.38x this year’s forecasted earnings compared to the industry’s 7.27x earnings multiple for the same period, are up more than 59 points, or 10.05%, in pre-market trading Tuesday. The stock is up 55% y/y and 22% year-to-date.
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