Chipotle Mexican Grill on Monday reported second-quarter earnings of 33 cents per share as the Denver-based burrito chain’s comparable-store sales increased 14.5 percent.
A year ago, the company had second-quarter earnings of 98 cents per share. That included a nonrecurring tax benefit of 77 cents per share, resulting in adjusted earnings of 21 cents per share.
Analysts surveyed by Thomson Financial Network were expecting earnings of 25 cents per share for the second quarter. Revenue for the quarter was up 31.1 percent.
Company officials attributed the second-quarter performance to the increase in sales, the opening of new restaurants and favorable commodity costs.
“We strongly believe that our business model is one that will continue to drive success and build value for our shareholders,” Chipotle founder and chief executive Steve Ells said in a conference call with analysts.
McDonald’s Corp., which still holds a 51 percent stake in Chipotle, has said it intends to divest itself of the company through a tax-free stock exchange of Chipotle shares for McDonald’s stock by the end of October.
Chief operating officer Montgomery “Monty” Moran reiterated the company’s previous statement. It does not expect the separation from McDonald’s to affect the company’s costs for benefits and other services that were previously handled by McDonald’s.
The company, which has opened 29 new restaurants this year, expects to open a total of 80 to 90 new units this year.
Chipotle reported its earnings after the market closed Monday. Shares of the company closed at $52.50, up 4.7 percent. Chipotle shares gained 45 cents in after-hours trading.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
