Chipotle Mexican Grill, Inc. (NYSE:CMG) Q3 2024 Earnings Call Transcript October 29, 2024 4:30 PM ET Company Participants Cindy Olsen - Head of Investor Relations and Strategy Scott Boatwright - Interim Chief Executive Officer Adam Rymer - Chief Financial Officer Jack Hartung - President and Chief Strategy Officer Conference Call Participants Andrew Charles - TD Cowan David Tarantino - Baird Sara Senatore - Bank of America David Palmer - Evercore ISI Christine Zhao - Goldman Sachs Brian Harbour - Morgan Sta ...

Financial Performance - Total revenue for the three months ended September 30, 2024, was $2,793,576, an increase of 13.0% compared to $2,471,948 for the same period in 2023[6] - Net income for the nine months ended September 30, 2024, reached $1,202,346, up 27.0% from $946,651 in the prior year[6] - Earnings per share (EPS) for the three months ended September 30, 2024, was $0.28, compared to $0.23 for the same period in 2023, reflecting a 21.7% increase[6] - Comprehensive income for the three months ended September 30, 2024, was $388,462, compared to $312,089 for the same period in 2023, indicating a 24.4% increase[6] - Net income for the three months ended September 30, 2024, was $387,388 million, compared to $313,217 million for the same period in 2023, reflecting a growth of approximately 23.7%[54] - Total revenue for the nine months ended September 30, 2024, was $8,468,543, up 15.2% from $7,355,329 in the same period last year[6] Operating Costs - Restaurant operating costs for the three months ended September 30, 2024, totaled $2,320,320, a rise of 11.7% from $2,076,998 in the prior year[6] - Food, beverage, and packaging costs rose to $855.5 million for the three months ended September 30, 2024, a 16.5% increase from $734.2 million in the same period in 2023[76] - Labor costs for the three months ended September 30, 2024, were $696.8 million, reflecting a 13.1% increase from $616.3 million in the same period in 2023[78] - Occupancy costs increased to $142.6 million for the three months ended September 30, 2024, a 12.9% rise from $126.3 million in the same period in 2023[80] - Other operating costs for the three months ended September 30, 2024, were $386.5 million, an 11.9% increase from $345.4 million in the same period in 2023[82] - General and administrative expenses decreased to $126.6 million for the three months ended September 30, 2024, down 20.6% from $159.5 million in the same period in 2023[84] Cash Flow and Investments - Operating cash flow for the nine months ended September 30, 2024, was $1,578,306, an increase from $1,518,018 in the prior year[12] - Cash provided by operating activities was $1.6 billion for the nine months ended September 30, 2024, compared to $1.5 billion for the same period in 2023, reflecting an increase due to higher net earnings[98] - Cash used in investing activities was $701.5 million for the nine months ended September 30, 2024, down from $794.0 million in the same period in 2023, primarily due to a decrease in investment purchases[99] - The company had a cash and marketable investments balance of $2.2 billion as of September 30, 2024, with $1,059.6 million available for share repurchases[94] Stock Repurchase and Equity - The company repurchased common stock totaling $662,605 during the nine months ended September 30, 2024, compared to $437,305 in the same period of 2023[12] - The company had $1,059,595 million authorized for share repurchases as of September 30, 2024, including $400,000 million and $500,000 million in additional authorizations approved in August and September 2024, respectively[41] - The company retired 507,166 shares of common stock during the second quarter of 2024, resulting in a reduction of $5,194,196 million in treasury stock[41] Restaurant Operations - As of September 30, 2024, Chipotle operated 3,615 restaurants, including 3,540 in the U.S. and 75 internationally[13] - The company opened 86 new company-operated restaurants in the third quarter of 2024, including 73 with a Chipotlane[66] - The company plans to open approximately 285 to 315 new company-operated restaurants in 2024 and 315 to 345 in 2025, with at least 80% expected to include a Chipotlane[66] - Average restaurant sales for the three months ended September 30, 2024, were $3.184 million, a 7.1% increase from $2.972 million in the same period of 2023[73] Tax and Compliance - Provision for income taxes for the nine months ended September 30, 2024, was $368,787, compared to $291,502 in the prior year, reflecting a 26.5% increase[6] - The effective income tax rate for the three months ended September 30, 2024, was 22.9%, down from 24.2% in the same period of 2023, primarily due to reductions in nondeductible expenses and the release of income tax reserves[49] - The company expects to adopt new accounting standards related to segment reporting and income tax disclosures in future filings, which may enhance financial transparency[16] Other Financial Metrics - The company recognized a gain of $4,635 million related to the conversion of convertible notes into Series B Preferred Stock of Hyphen Technologies, Inc. during the three months ended September 30, 2024[38] - Interest and other income, net increased to $29.3 million for the three months ended September 30, 2024, up 59.3% from $18.4 million in the same period of 2023[88] - The company is exposed to commodity price risks, which could adversely affect results if ingredient prices increase and menu prices do not adjust accordingly[103]

For the quarter ended September 2024, Chipotle Mexican Grill (CMG) reported revenue of $2.79 billion, up 13% over the same period last year. EPS came in at $0.27, compared to $0.23 in the year-ago quarter.The reported revenue represents a surprise of -0.82% over the Zacks Consensus Estimate of $2.82 billion. With the consensus EPS estimate being $0.25, the EPS surprise was +8.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to dete ...

Chipotle Mexican Grill (CMG) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 8%. A quarter ago, it was expected that this Mexican food chain would post earnings of $0.31 per share when it actually produced earnings of $0.34, delivering a surprise of 9.68%. Over the last four quarters ...

Key Takeaways Chipotle said full-year same-store sales could come in below analysts' expectations of 7.5%. The fast-casual chain anticipates same-store sales increases in the mid-to- high-single digit range. Share prices fell in after-hours trading. Chipotle Mexican Grill (CMG) shares fell in late trading after the company indicated that same-store sales growth may be lower than anticipated. Chipotle late Tuesday said it expects to see same-store sales increase in the mid- to high-single digit range for 202 ...

Restaurant stock Chipotle Mexican Grill CMG reported third-quarter financial results after the market close Tuesday.Here are the key highlights.What Happened: Chipotle reported third-quarter revenue of $2.79 billion, up 13% year-over-year. The total missed a Street consensus estimate of $2.82 billion, according to data from Benzinga Pro.The company reported adjusted earnings of 27 cents per share in the third quarter, beating a Street consensus estimate of 25 cents per share.Comparable restaurant sales were ...

Exhibit 99.1 EARNINGS RELEASE PR Contact: Laurie Schalow (949) 524-4035 MediaRelations@chipotle.com IR Contact: Cindy Olsen, CFA (949) 524-4205 Cindy.Olsen@chipotle.com CHIPOTLE ANNOUNCES THIRD QUARTER 2024 RESULTS COMPARABLE SALES INCREASE 6% DRIVEN BY OVER 3% TRANSACTION GROWTH NEWPORT BEACH, Calif. – October 29, 2024 – Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2024. Third quarter highlights, year over year: • Total revenue increase ...

COMPARABLE SALES INCREASE 6% DRIVEN BY OVER 3% TRANSACTION GROWTH NEWPORT BEACH, Calif., Oct. 29, 2024 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2024. Third quarter highlights, year over year: Total revenue increased 13.0% to $2.8 billion Comparable restaurant sales increased 6.0% Operating margin was 16.9%, an increase from 16.0% Restaurant level operating margin was 25.5%1, a decrease from 26.3%1 Diluted earnings per ...

Chipotle Mexican Grill (CMG) ended the recent trading session at $59.44, demonstrating no swing from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 0.03%. Meanwhile, the Dow lost 0.61%, and the Nasdaq, a tech-heavy index, added 0.56%.Coming into today, shares of the Mexican food chain had gained 2.39% in the past month. In that same time, the Retail-Wholesale sector lost 0.9%, while the S&P 500 gained 1.39%.Market participants will be closely following the fi ...

The latest trading session saw Chipotle Mexican Grill (CMG) ending at $59.44, denoting a +0.71% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a gain of 0.22% for the day. Elsewhere, the Dow lost 0.33%, while the tech-heavy Nasdaq added 0.76%.Heading into today, shares of the Mexican food chain had gained 1.1% over the past month, outpacing the Retail-Wholesale sector's loss of 0.42% and lagging the S&P 500's gain of 1.47% in that time.Market participants will be clos ...