Chipotle Mexican Grill Inc. (CMG) shares declined in the extended session Wednesday even after the Mexican food chain's quarterly results topped Wall Street estimates. Chipotle shares declined 1.3% after hours, following a 1.9% rise in the regular session to close at $1,185.27. The company reported second-quarter net income of $8.2 million, or 29 cents a share, compared with $91 million, or $3.22 a share, in the year-ago period. Adjusted earnings were 40 cents a share, compared with $3.99 a share in the year-ago period. Revenue declined to $1.36 billion from $1.43 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 35 cents a share on revenue of $1.33 billion. Same-store sales for the quarter declined 9.8%, while Wall Street had been expecting a decline of 11.5%. Chipotle said it was not providing an outlook for the year given the economic uncertainties of the COVID-19 pandemic. Chipotle shares are up nearly 42% on the year, while the S&P 500 index is up less than 2%.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 22, 2020 16:21 ET (20:21 GMT)
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