Chipotle Shares Tumble After Earnings Report

Chipotle Mexican Grill Inc. shares fell more than 5% in after-hours trade Tuesday, after the company reported its fourth-quarter earnings. The fast-casual chain said it had net income of $121.2 million, or $3.84 a share, in the quarter, up from $79.6 million. or $2.53 a share, in the year-earlier period. Revenue climbed 26.7% to $1.07 billion. The FactSet consensus was for per-share earnings of $3.79 and revenue of $1.075 billion. Same-store sales rose 16.1%. The company said food costs climbed 110 basis points to account for 35% of revenue, driven by higher dairy and beef costs. Looking ahead, the company said it expects same-store sales for 2015 to rise in the low to mid-single digits. The company is planning to open 190 to 205 new restaurants in the year. Shares have climbed 13.8% in the last three months, while the S&P 500 has gained 1.6%.