Chipotle (NASDAQ: CMG) soared today, opening at $699 from closing at $673 yesterday. Shortly after, Chipotle skyrocketed to new 52-week highs, reaching as high as $729.65 this afternoon.
Highlights for the second quarter
Earnings reports for the second quarter, which ended on June 30, 2015, were released yesterday afternoon after the market closed. The restaurant chain Chipotle reported earnings of $4.45 per share, beating analyst estimates of $4.43 per share.
- Revenues raised 14.1%, reaching $1.2 billion.
- Comparable restaurant sales rose by 4.3%
- Net income was $140.2 million, a growth of 27.1%.
- 48 new restaurants opened
Despite missing estimates of restaurant sales rising to a 5.8% increase, Chipotle rallied today as much as $729.65, a new 52-week high, allowing chipotle to not only recover from it’s 6% decline Tuesday night, but surpass the $700 price point, and we now see Chipotle rising closer to Citigroup’s (NYSE: C) target price of $782.
Highlights for 2015
Within only the first half of this year, Chipotle has seen
- Revenues increase by 17% to $2.3 billion,
- Restaurant sales increased by 7.1%,
- Net income of $262.8 million, increased by 36%
- 97 new restaurants opened
“We feel good about our second quarter results, as our revenue, average restaurant sales, and comparable restaurant sales have continued to grow even comparing to a very strong 2014.” Said Steve Ells, found chairman and co-CEO of Chipotle.
Strong outlook for 2015
For the remaining half of the year, Chipotle expects to reach 190-205 new restaurant openings, low to mid single digit comparable restaurant sales increases, and an effective full year tax rate of about 38.7%.
Chipotle is still rising strong at about $729 as of this afternoon.