Despite delivering nearly $20 million in profit for the third quarter, Chipotle disappointed investors. / Chipotle Despite delivering nearly $20 million in profit for the third quarter, Chipotle disappointed investors. / Chipotle
Chains

Chipotle’s Q3 Results Fall Short of Expectations Despite a Healthy Profit

Chipotle Mexican Grill Inc. (CMG) on Tuesday reported third-quarter profit of $19.6 million.

The Denver-based company said it had net income of 69 cents per share. Earnings, adjusted for non-recurring costs, came to $1.33 per share.

The results missed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $1.56 per share.

The Mexican food chain posted revenue of $1.13 billion in the period, which matched Street forecasts.

Chipotle shares have dropped 14 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 15 percent. In the final minutes of trading on Tuesday, shares hit $324.29, a decrease of 22 percent in the last 12 months.

This story was generated by Automated Insights using data from Zacks Investment Research. 

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