After-Hours Alert: Why Chipotle Stock Is Getting Cooked

Chipotle Mexican Grill Inc (NYSE: CMG) shares are trading lower in Tuesday's after-hours session after the company reported fourth-quarter financial results that came in below analyst estimates. 

What Happened: Chipotle said fourth-quarter revenue increased 11.2% year-over-year to $2.18 billion, which missed average analyst estimates of $2.33 billion, according to Benzinga Pro. The fast-casual restaurant chain company reported quarterly earnings of $8.29 per share, which missed estimates of $8.90 per share.

Comparable restaurant sales increased 5.6% year-over-year. In-restaurant sales increased by 17.5%, and digital sales represented 37.4% of food and beverage revenue.

Chipotle said it opened 100 new restaurants during the quarter with 90 locations, including a Chipotlane. 

"We delivered strong growth in 2022, expanding average unit volumes and restaurant level margin, while opening the highest number of new restaurants in six years, despite facing a challenging and fluid macro environment," said Brian Niccol, chairman and CEO of Chipotle. 

Check This Out: Trading Strategies For Chipotle Mexican Stock Before And After Q4 Earnings

Chipotle expects to open between 255 and 285 new restaurants in 2023. Based on January comps growth in the low double-digits, the company said it expects first-quarter comparable restaurant sales growth in the high single-digits.

Chipotle will hold a conference call to discuss these results beginning at 4:30 p.m. ET.

CMG Price Action: Chipotle has a 52-week high of $1,754.56 and a 52-week low of $1,196.28.

The stock was down 4.83% in after-hours at $1,637.51 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Chipotle.