Chipotle Falls to Trade in the Red, Misses Key Sales Metric

Keep an eye on shares of Chipotle Mexican Grill (CMG) in Wednesday’s trading session. The burrito and taco chain released its second-quarter financial results after the closing bell Tuesday. For the second quarter, the company posted a profit of $4.45 a share to top Wall Street estimates by a penny. Chipotle raked in revenue of $1.2 billion, slightly below analysts' expectations, according to Thomson Reuters data. In the same period of last year, the company earned $3.50 per share on sales of $1.05 billion. The company missed its key metric for the quarter. Sales at restaurants open more than a year rose 4.3%, short of the Consensus Metrix estimate for a 5.8% jump. In the prior quarter of this year, comparable sales were up 10.4%. Earlier this year, the fast casual chain stopped selling its carnitas products at a third of its locations after a pork supplier did not meet its animal welfare standards. Chipotle said it will increase its supply to deal with the outage, and plans to be back in full swing in the fourth quarter. TheStreet's Kurumi Fukushima reports in New York.