Chipotle Reports Tough Q4 Results

Shares of the Mexican food chain dropped by more than $85.

I Stock 1302875073

NEWPORT BEACH, Calif. (AP) — Chipotle Mexican Grill Inc. on Tuesday reported fourth-quarter earnings of $223.7 million.

On a per-share basis, the California-based company said it had profit of $8.02. Earnings, adjusted for non-recurring costs, were $8.29 per share.

The results did not meet Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $8.88 per share.

The Mexican food chain posted revenue of $2.18 billion in the period, which also fell short of Street forecasts. Twelve analysts surveyed by Zacks expected $2.23 billion.

For the year, the company reported profit of $899.1 million, or $32.04 per share. Revenue was reported as $8.63 billion.

Shares of Chipotle fell $85.45 to $1,637.41 in Wednesday trading.

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