CMG (Post-Call): Ignition Al Pastor
After today’s (Wednesday’s) market close, Chipotle Mexican Grill reported its Q1 adjusted EPS reached $13.37, notably above our $11.20 forecast and sell-side consensus (according to Consensus Metrix) of $11.67. The Q1 adjusted tax rate came to 22.1%, more favorable than our 25.5% forecast and consensus of 25.2%. Relative to consensus, the more favorable Q1 adjusted tax rate helped EPS by about +54 cents. This leaves +116 cents of the Q1 EPS beat attributable to other factors.