Chipotle Mexican Grill (CMG) Tops Q3 EPS by 81c, Beats on Revenue; Offers Guidance

Chipotle Mexican Grill (NYSE: CMG) reported Q3 EPS of $11.36, $0.81 better than the analyst estimate of $10.55. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.47 billion.

For 2023, management is anticipating the following:

• Fourth quarter and full year comparable restaurant sales growth in the mid to high-single digit range
• 255 to 285 new restaurant openings (including 10 to 15 relocations to add a Chipotlane), which assumes utility, construction, permit and inspection delays do not worsen
• An estimated underlying effective full year tax rate between 25% and 27% before discrete items
• For 2024, management is anticipating the following:

285 to 315 new restaurant openings, which assumes utility, construction, permit and inspection delays do not worsen

For earnings history and earnings-related data on Chipotle Mexican Grill (CMG) click here.

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