Denver – Chipotle Mexican Grill Inc., a casual dining restaurant chain, today said fourth-quarter net income more than doubled as sales rose 10 percent in stores that had been open at least a year.
For the quarter ending Dec. 31, the Denver-based company reported income of $10.8 million, or 33 cents a share, compared with $4.3 million, or 16 cents a share in the fourth-quarter of 2005.
Revenue rose 28 percent to $219.7 million, compared with $173.3 in the previous quarter.
Analysts surveyed by Thomson Financial had forecast earnings of 28 cents a share on revenue of $216.4 million.
The company released the results after the market closed.
Net income for the fourth quarter of 2006 was $10.8 million, or 33 cents per diluted share, compared to $4.3 million, or 16 cents per diluted share, in the fourth quarter of 2005.
Steve Ells, chairman and chief executive officer, credited investments in restaurant managers and crews and its commitment to naturally raised meats for the company’s performance.
The results were released after the market closed Thursday.
Chipotle’s stock closed up $1.70 a share, or 2.8 percent, at $61.38 a share on the New York Stock Exchange. In the past year, it has traded between $40.89 a share and $67.77 a share.
For the year, net income was $41.4 million, or $1.28 a share, compared with $37.7 million, or $1.43 a share in 2005. Revenue of $822.9 million, up from $627.7 million in the previous year.
