In Chipotle Mexican Grill Inc.'s first quarter of 2018 — the first for new CEO Brian Niccol — results exceeded analysts' expectations and the stock was surging on Thursday.
The Denver Mexican food chain reported revenue increased 7.4 percent to $1.1 billion and net income rose to $59.4 million, up from $46.1 million a year earlier. Diluted earnings per share rose to $2.13, up 33.1 percent from $1.60 in 2017. Analysts were expecting earnings of $1.57 per share.
In early Thursday trading, shares in Chipotle (NYSE: CMG) were up more than 20 percent, rising around $67 to around $407.
Niccol, who took over from former CEO and co-founder Steve Els in early March, said customers can expect something new from Chipotle in the future.
"While the company made notable progress during the quarter, I firmly believe we can accelerate that progress in the future," he said in an earnings statement.
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