Chipotle Mexican Grill (CMG) Q3 2024 earnings
A customer holds a bag of food outside of a Chipotle restaurant in New York on Jan. 12, 2024.
Angus Mordant | Bloomberg | Getty Images
Chipotle Mexican Grill is set to report its third-quarter earnings after the bell on Tuesday.
Here’s what Wall Street analysts surveyed by LSEG are expecting the company to report:
Earnings per share: 25 cents expectedRevenue: $2.82 billion expected
The report will be the company’s first since the departure of CEO Brian Niccol, who left the burrito chain in late August to lead Starbucks’ turnaround. COO Scott Boatwright is currently serving as Chipotle’s interim chief executive.
Despite the unexpected executive shuffle, Wall Street is confident that Chipotle can maintain its winning streak — at least in the near term. Analysts expect that the company will report same-store sales growth of 6.3%, according to StreetAccount estimates.
Unlike many of its restaurant peers, Chipotle has seen traffic to its restaurants grow in recent quarters. Even a social media-fueled backlash over the size of its burrito bowls hasn’t slowed down the chain’s growth, although then-CEO Niccol promised to re-emphasize generous portions across restaurants.
For the full year, Chipotle is projecting that same-store sales will grow by a mid- to high-single-digit percentage. Chipotle also anticipates that it will open between 285 and 315 new restaurants this year.
Shares of the company have risen 32% this year, giving Chipotle a market cap of $82.91 billion.
This is breaking news. Please refresh for updates.
Don’t miss these insights from CNBC PRO
Source link
#Chipotle #Mexican #Grill #CMG #earnings