Chipotle Mexican Profit Tops Estimates, Sales Misses; Stock Down 4%

(RTTNews) - Chipotle Mexican Grill Inc (CMG), the fast casual restaurant chain, on Tuesday reported first-quarter net earnings of $122.6 million or $3.88 per share compared with $83 million or $2.64 per share last year.

Revenues for the quarter increased 20.4% to $1.09 billion from $904.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $3.66 per share on revenues of $1.11 billion for the quarter. Analysts' estimates typically exclude special items.

Chipotle said its comparable restaurant sales increased 10.4% in the quarter, and restaurant level operating margin was up 160 basis points at 27.5%.

"The quarter was not without its challenges however, as we suspended one of our primary pork suppliers and are exploring options to increase the supply of pork that meets our high standards," said Steve Ells, co-CEO of Chipotle.

For the full year 2015 the company still expects low-to-mid single digit comparable restaurant sales increases, and plans to open up to 205 new restaurants.

Chipotle shares were losing $30.22 or 4.36% at 662.30 in after-hours trade on the NYSE.