Shares of Chipotle Mexican Grill Inc. jumped as much as 10 percent in late trading after the restaurant chain reported second-quarter results that beat analysts’ estimates.
Net income rose to $110.3 million, or $3.50 a share, from $87.9 million, or $2.82, a year earlier, according to a statement by the Denver-based company Monday. Revenue rose to $1.05 billion. Analysts on average had projected earnings of $3.04 a share on revenue of $989.7 million.
Chipotle shares jumped as high as $649.97 in extended trading after the results were announced. The stock had closed at $589.93 in New York.
Revenue was buoyed by an increase in traffic at existing outlets and by sales in new stores the company opened in the quarter. Revenue was also lifted by a nationwide increase in menu prices that was fully rolled out by the end of the period. For the full year, the company forecast comparable sales growth to be in the mid-teens and said it will open 180 to 195 new restaurants.
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