- Same store sales grew by 2.2%, surpassing the 1.3% estimate.
- The board approved additional share buybacks of up to $100 million.
ADVERTISEMENT
Chipotle surges after beating on earnings and announcing it's buying back more stock (CMG)
Chipotle Mexican Grill is rising after the market close. The company reported a Q1 earnings beat and announced approval to invest up to $100M for buybacks.
ADVERTISEMENT
Recommended articles
Chipotle Mexican Grill shares soared more than 10% in after-hours trading Tuesday after the company beat on earnings, showed an improvement in same store sales, and announced it was allocating more money to buy back stock. This was the first quarterly report under the leadership of CEO Brian Niccol, who came over from rival Taco Bell in March.
The restaurant chain, best known for its burritos, reported a adjusted earnings of $2.13 a share, easily beating the $1.57 that analysts surveyed by Bloomberg were expecting.
The company also announced the Board approved investment up to $100 million to use for share buybacks.
ADVERTISEMENT
For full year 2018, management forecasts 130-150 new restaurant openings and same store sales growth in the low- single digits.
Chipotle shares have gained 27.3% this year.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Africa may just have the lowest level of cyber threats compared to other regions
A look into Kenya’s Shs1.1 billion climate funding from the UK
FCMB: A corporate journey of resilience, evolution, and growth
Congo is spending 22% of its scarce revenue on security - Minister
Another African country is set to get a Russian embassy
Medic West Africa 2024: A resounding success in fostering collaboration and innovation for a brighter healthcare future
10 African countries with the most troubling external debt in 2024
10 African countries with the least soft power influence over the world
