Chipotle Shares Fall After Earnings Miss

Chipotle Mexican Grill inc. shares fell 0.7% in Tuesday after-hours trading after the fast-casual restaurant chain reported third-quarter results that missed estimates. Net income totaled $7.8 million, or 27 cents per share, down from $144.9 million, or $4.59 per share, for the same period last year. The FactSet consensus was $1.56 per share. Revenue for the quarter totaled $1.04 billion, down from $1.22 billion lsat year and missing the $1.09 billion FactSet consensus. Same-restaurant sales declined 21.9%. The FactSet consensus was for an 18.3% decline. Chipotle's board has approved an additional $100 million to repurchase shares, on top of $69.2 million available as of Sept. 30, 2016 from a previous buyback program. Management forecasts same-store sales declines in the low-single-digits for fourth-quarter 2016. And for 2017, Chipotle is targeting earnings totaling $10 per share. The FactSet consensus is $9.88. Chipotle shares are down 15.5% for the year so far while the S&P 500 Index is up 4.9% for the same period.