Chipotle Mexican Grill Inc. reported that net income rose 19.6% for in its third quarter, but the profit still missed Wall Street's expectations, sending the burrito chain's stock tumbling as much as 14% after hours.
The financial results, released after the market closed, continue a string of bad news that has some investors wondering whether the longtime stock market darling is starting to go sour.
The Denver company's quarterly profit was $72.3 million, or $2.27 a share, compared with earnings of $60.4 million, or $1.90 a share, for last year's third quarter. Revenue rose 18.4% to $700.5 million.
But analysts had expected Chipotle to earn $2.29 a share on revenue of nearly $704 million.
Shares fell $4.07, or 1.4%, to close at $285.93 in regular trading and, after results were released, lost more than $40 in after-hours trading.