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Chipotle Beats Q2 Estimates with $3B Revenue, Stock Up 15%

Jul 24, 2024, 08:22 PM

Chipotle Mexican Grill Inc. reported strong second-quarter earnings, surpassing Wall Street's expectations. The company posted an adjusted earnings per share (EPS) of $0.34, beating the estimated $0.32. Total revenue for the quarter reached $3 billion, exceeding the projected $2.94 billion, with year-over-year growth of 18%. Comparable restaurant sales increased by 11.1%, higher than the anticipated 9.2% and a significant year-over-year growth of 7.4%. Traffic increased by 8.7%. Chipotle also announced a $400 million share repurchase program and reaffirmed its FY24 comparable restaurant sales growth guidance. Following the earnings report, Chipotle's stock rose significantly, gaining up to 15% in after-hours trading.