Chipotle Mexican Grill (CMG) will report first quarter financial results after markets close today. Call is set for 4:30PM.

S&P Capital IQ consensus currently expects Chipotle to report EPS for the quarter of $2.66 and revenues of $1.40 bln, which would represent growth of approximately +7% yr/yr.

CMG topped consensus for EPS and revenues in each of its four most recent quarters; on the bottom line, the company reported double-digit EPS beats in the last six consecutive quarters.

TECHS:

CMG has a market valuation of circa $21.5 bln.

RESULTS:

Chipotle Mexican Grill beats by $0.42, reports revs in-line; comps up 3.3%; withdraws fiscal 2020 guidance  (786.69 -22.04)

  • Reports Q1 (Mar) earnings of $3.08 per share, excluding non-recurring items, $0.42 better than the S&P Capital IQ Consensus of $2.66; revenues rose 7.8% year/year to $1.41 bln vs the $1.4 bln S&P Capital IQ Consensus.

  • Comparable restaurant sales increased 3.3% with a 1.4% decrease in transactions including a 1.3% leap day benefit.

    • Through the end of February, comparable restaurant sales increased 14.4% with 10.7% transactions growth including a 2.1% leap day benefit and a restaurant level operating margin of 21.8%.

    • Comparable restaurant sales during the month of March were negatively impacted by the impact of COVID-19, resulting in a decline of 16.0%.

    • Digital sales grew 80.8% and accounted for 26.3% of sales for the quarter.

    • Opened 19 new restaurants including one relocation and closed two restaurants during the quarter; and about 100 restaurants are temporarily closed as a result of COVID-19, mainly inside malls and shopping centers as well as 17 locations in Europe.

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