(CMG) Chipotle Mexican Grill, Inc. – Momentum – Zacks Rank Buy

April 25th, 2009

Chipotle Mexican Grill, Inc. (CMG) is fresh off the heels of reporting impressive first-quarter results that were far ahead of the consensus. The company expects to open 120-130 new stores this year.

Company Description

Chipotle Mexican Grill operates as a fast-food, Mexican grill in the United States. The company operates over 850 stores, was founded in 1993 and has a market cap of $2.76 billion.

First-Quarter Results

Chipotle reported excellent first-quarter results this morning that were far ahead of expectations. Revenue was up 16% from last year to $354.5 million.

Income was up an amazing 47% to $25.4 million, producing earnings of 78 cents per share, blowing past the consensus of 55 cents.

Financial Statistics

The company noted that it succeeded in improving in a number of key categories, with its operating margins increasing to 23.5% from 21.2% last year, and income from operations increasing to $41.2 from $26.8 million.

Outlook

Chipotle said that it expects its restaurant sales to increase in the low single digits and to open 120-130 new restaurants.

The next-year estimate is pegged at $3.08 per share, a 19% earnings growth projection.

The Chart

Shares of CMG took off with the market in early March, jumping past some resistance between $67 and $70 and hitting a new 26-week high. Take a look at the nice surge in the chart below.

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Read more on Chipotle Mexican Grill at Wikinvest

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