Chipotle Mexican Grill released its second quarter earnings report after closing bell tonight, posting earnings of $4.45 per share, a 27.1% year over year increase, on $1.2 billion in revenue, a 14.1% year over year increase. Analysts had been expecting earnings of $4.44 per share and revenue of $1.22 billion. In last year’s second quarter, the fast casual restaurant chain posted earnings of $3.50 per share and revenue of $1.05 billion.

Chipotle Mexican Grill, Inc. Plunges After Earnings

Key metrics from Chipotle Mexican Grill’s earnings report

Comparable restaurant sales rose 4.3% year over year, driven by driven by higher average check sizes. The increase in revenue was driven by new restaurant openings. During the second quarter, Chipotle Mexican Grill opened 48 new restaurants. The restaurant level operating margin rose 70 basis points to 28%. Net income rose 27.1% to $140.2 million. Food costs declined 150 basis points to 33.1% of revenue.

Chipotle Founder, Chairman, and Co-CEO Steve Ells said in a statement:

“We feel good about our second quarter results, as our revenue, average restaurant sales, and comparable restaurant sales have continued to grow even comparing to a very strong 2014. The strength of our business is the product of our unique food culture and unique people culture, and we constantly find ways to improve, and overcome challenges we encounter – whether that means non-GMO ingredients, adding new pork suppliers to ensure food with integrity, or reinventing the way tortillas are made at scale.”

Chipotle Mexican Grill provides guidance

For all of this year, Chipotle Mexican Grill expects to open between 190 and 205 new restaurants, probably toward the high end. Management expects increases in comparable restaurant sales of in the low-to-mid single digits.

As of this writing, shares of Chipotle Mexican Grill were down 7.83% at $620.34 per share.