Shares Of Chipotle Are Flying After-Hours, What's Going On?

Shares of Chipotle Mexican Grill, Inc. CMG are trading higher during the after-hours session Tuesday after the company reported first-quarter financial results. Here’s what investors need to know.

By The Numbers: Chipotle reported first-quarter earnings of $10.50 per share, which came in ahead of the $8.91 consensus estimate, on revenues of $2.4 billion, which came in ahead of the $2.34 billion consensus estimate.

The Mexican grill chain ended the quarter with $409.73 million in cash and cash equivalents as of March 31, 2023.

Here’s what the analysts think of Chipotle.

“Our strong performance in the first quarter confirms that our focus on getting back to the basics and re-establishing Chipotle’s standards of excellence is beginning to drive results,” said Chipotle CEO Brian Niccol. “We will continue to develop exceptional people and prepare exceptional food while treasuring each guest to further strengthen our foundation for sustained long-term growth.

The company also said it repurchased $131.6 million of stock of the $413.9 million made available to the company. It paid an average price per share of $1,552.90 during the first quarter.

As for guidance, management said the second quarter and full-year comparable restaurant sales growth are expected to reach mid to high-single digit figures. Further, the company plans to open 255 to 285 new branches, including 10 to 15 relocated stores that will feature Chipotlane.

CMG Price Action: The stock has a 52-week high of $1,816.96 and a 52-week low of $1,196.28. Shares are trading 5,06% higher to $1,870.91 during the after-hours session, according to data from Benzinga Pro.

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