Chipotle Mexican Grill, Inc ( CMG ). reported financial results for the first quarter Wednesday after the bell. Here’s a rundown of the report and a look at why shares are sizzling after hours.

Q1 Earnings: Chipotle said first-quarter revenue increased 14.1% year-over-year to $2.702 billion, which beat the consensus estimate of $2.675 billion, according to Benzinga Pro. The fast-casual restaurant chain company reported adjusted earnings of $13.37 per share, which beat analyst estimates of $11.68 per share. 

Comparable restaurant sales increased 7% year-over-year due to higher transactions and a 1.6% increase in average check. Digital sales represented 36.5% of food and beverage revenue. Operating margin was 16.3% in the first quarter, up from 15.5% year-over-year. 

Chipotle said it opened 47 new restaurants in the quarter, and 43 of those locations included a Chipotlane. The company also repurchased $25 million of its stock during the first quarter and has $399.1 million remaining under its share repurchase authorization.

“We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions,” said Brian Niccol, chairman and CEO of Chipotle.

“The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally.”

Outlook: Chipotle expects full-year 2024 comparable restaurant sales growth in the mid- to high-single-digit range. The company anticipates opening between 285 and 315 new restaurants in 2024 with over 80% including a Chipotlane.

Chipotle shares appear to be responding favorably to the company’s better-than-expected results paired with an upbeat forecast for continued comparable sales growth. Chipotle’s first-quarter earnings call is scheduled for 4:30 p.m. ET.

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CMG Price Action: Chipotle shares were up 3.30% after hours at $3,023.29 at the time of publication Wednesday, according to Benzinga Pro.