Stocks moving in after-hours: Chipotle, VF Corp, Fortinet, Enphase Energy

Chipotle (CMG)

The fast food restaurant chain posted comparable sales for its latest quarter which grew 5.6% year-over-year, but missed analyst expectations of a rise of 7.04%. Chipotle reported fourth quarter adjusted earnings per share of $8.29 versus estimates of $8.91. Revenue of $2.18 billion slightly missed expectations of $2.23 billion.

“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,” Brian Niccol, chairman and CEO of Chipotle said in the company’s earnings release.

Chipotle’s board approved a share buyback program of up to $200 million.

Enphase Energy (ENPH)

The energy company posted fourth quarter adjusted earnings per share of $1.51, beating analyst expectations of $1.24. Revenue of $724.65 million also came in above Wall Street estimates of $706.51 million. Shares jumped 7% in after hours.

VF Corp (VFC)

The owner of NorthFace and Vans beat Wall Street expectations on the top and bottom lines. Earnings per share for the V.F. Corp’s latest quarter came in at $1.12, beating expectations of 99 cents. The company posted third quarter sales of $3.53 billion versus estimates of $3.48 billion.

Benno Dorer, interim president and CEO said in the company’s earnings release, “We are shifting resource priorities across the Company, including by reducing the dividend, exploring the sale of non-core assets, cutting costs and eliminating non-strategic spend, while enhancing the focus on the consumer through targeted investments.”

Fortinet (FTNT)

The cybersecurity company is up 13% in after hours on the heels of its latest quarterly results. Fortinet’s revenue forecast range for 2023 of $5.37 billion-$5.43 billion came in above analyst estimates of $5.36 billion.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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