Chipotle's Q4 earnings beat expectations, same-store sales rise 16.1%, shares fall 6%

Chipotle's fourth quarter results are out, and the numbers are mostly in-line with expectations, though same-store sales came in just below expectations.

In immediate reaction in after hours trade, shares of the Mexican food chain were down as much as 6%.

Earnings per share totaled $3.84.

Same-store sales rose 16.1%.

Revenue totaled $1.07 billion.

The company also opened 60 new restaurants in the quarter.

Chipotle said that in the fourth quarter, food costs totaled 35% of revenues, up 1.1% due to the increased costs of dairy and beef products.

Chipotle also announced plans to repurchase $100 million worth of its common stock.

Excluding the after hours losses on Tuesday, shares of Chipotle were up about 31% over the last year.

In 2015, the company expects to open 190-205 new restaurants and expects same-store sales to rise by low- to mid-single digits.

Here is what Wall Street was looking for:

• Earnings per share: $3.79
• Revenue: $1.074 billion
• Same-store sales: +16.5%
• New locations: +63

More to come...