Chipotle Mexican Grill (CMG) Q3 2024 earnings
A customer holds a bag of food outside a Chipotle restaurant in New York, US, on Friday, 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 expected
- Revenue: $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.