DENVER—Shares of Chipotle Mexican Grill closed down 3 percent Friday after the price plunged in early trading because its earnings report fell short of Wall Street expectations.
The Denver-based fast-casual restaurant chain said its fourth-quarter net income rose to $17.5 million, or 53 cents a share, compared with net income of $10.8 million, or 33 cents a share in the year-ago quarter.
Revenue was $288.9 million up from $219.7 million in the fourth quarter of 2006.
Analysts surveyed by Thomson Financial had forecast 55 cents a share on revenue of $288.9 million.
The results were released Thursday after the market closed. The stock price fell $3.40 to $105.25 a share Friday. Earlier in the day, the price was down $11.01 or 10 percent to $97.64 a share.
In the past year the price has ranged from $58.60 a share to $155.49 a share.
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