VMware, Inc. And Chipotle Mexican Grill, Inc. Dip After Earnings

VMware, Inc. And Chipotle Mexican Grill, Inc. Dip After Earnings

VMware and Chipotle Mexican Grill released their latest earnings reports after closing bell tonight. VMware reported adjusted earnings of 86 cents per share on $1.51 billion in revenue, an 11% year over year increase. Analysts had been expecting earnings of 84 cents per share on $1.5 billion in revenue.

Chipotle Mexican Grill posted earnings of $3.88 per share, a 47% increase year over year, on revenue of $1.09 billion, a 20.4% increase compared to last year. Analysts had been expecting the fast casual chain to post earnings of $3.65 per share on $1.1 billion in revenue. In the same quarter a year ago, Chipotle reported $904 million in sales and earnings of $2.64 per share.

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Key metrics in VMware’s earnings report

VMware reported GAAP earnings of 45 cents per share or $196 million, a decline from last year’s 46 cents per share or $199 million. Both GAAP and non-GAAP results include impacts from the AirWatch acquisition, which VMware completed in the first quarter of last year.

The company reported $576 million in license revenues, a 3% year over year increase. GAAP operating income fell 9% year over year to $218 million, while non-GAAP operating income increased 7% to $451 million for the first quarter. Operating cash flow was $683 million, while free cash flow was $577 million.

Key metrics in Chipotle Mexican Grill’s earnings report

Chipotle reported a 10.4% increase in comparable restaurant sales and a restaurant level operating margin of 27.5%, a 160 basis point increase. Net income rose 47.6% to $122.6 million.

Food costs were 33.9% of revenue, a decline of 60 basis points thanks to the company’s menu price increase, which was partially offset by higher prices for tortillas and beef compared to last year’s first quarter. The fast casual chain opened up 49 new restaurants during the quarter.

Chipotle Mexican Grill expects to open between 190 and 205 new restaurants this year. The company projects increases in comparable restaurant sales in the low- to mid-single digits.


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