Chipotle Mexican Grill Inc. (CMG  ) saw its revenue rise 8% in its latest quarter, backed by location growth and higher menu prices (though shares are currently down in what is expected to be a temporary blip due to a food safety scare today). Shares have increased by 55% this year. Excluding nonrecurring expenses and other items, Chipotle earned $2.87 per share, which surpassed analyst expectations of $2.80 per share. This also beat the Zacks Consensus Estimate of $2.78 per share.

Chipotle not only raised its full-year sales outlook but also generated $1.27 billion in second-quarter revenue. This was helped by a 3.3% increase in comparable sales and the opening of 34 new restaurants during last quarter. Chipotle now totals to 2,467 locations. Only a quarter ago it was expected that Chipotle would post earnings of $1.54 per share, however the food chain actually produced earnings of $2.13 which represents a 38.31% increase.

Chipotle has surpassed consensus EPS estimates three times over the past four quarters. Total revenue year over year increased by 8.3% for Chipotle while comparable restaurants saw a 3/3% increase. Chipotle attributed this to an updated menu, price increases and queso additions. CEO Brian Niccol commented, "I'm pleased to report a solid second quarter with sales and restaurant margins ahead of expectations.While we made progress during the quarter with particular strength in digital sales, I firmly believe we can accelerate that progress by executing our reorganization and our strategy to win today and cultivate tomorrow."

Chipotle is still in the early stages of improving and really solidifying its digital ordering experience and also promoting it to customers. However, the company has seen promising results after its new delivery partnerships. These efforts will take some time to kick-in and big payoffs won't really appear until 2019 and beyond. Chipotle is currently only in the test stage this year of its new initiatives surrounding menu updates and loyalty program. Additionally, although delivery is available in more than two-thirds of all Chipotle locations, less than half of their customers are even aware of this fact.

Many investors are now wondering what awaits the stock. Investors should keep in mind that industry outlook can actually have great impact on the performance of a stock. Currently, Chipotle's status translates into a Zacks Rank #2 (Buy). Zacks Industry Rank helps individuals find the best stocks in various industries.