Chipotle (NYSE:CMG) reported third-quarter earnings after the market closed today and, so far, investors like what they see, with shares up 1.5% after hours. Revenue increased 18% in the quarter, to $826.9 million, and net income was up 15.3%, to $83.4 million, or $2.66 per share. 

Wall Street analysts were looking for $818 million in revenue, and $2.77 per share in earnings, so the top line was strong, while earnings were a bit disappointing. Investors have been concerned about rising food costs impacting earnings, and that manifested this quarter, as food costs rose to 100 basis points (or 1%), to 33.6% of revenue.

Comparable restaurant sales, a closely watched measure for any restaurant chain, were up 6.2% from a year ago, which is a solid, but not spectacular, rate. Next quarter, management expects comparable restaurant sales to be mid-single digits again, but growth is expected to fall to low single digits next year.

Chipotle is still a strong growth stock, with another 180 to 195 stores expected next year -- this is one reason investors appear willing to look past the earnings miss. Shares do trade at 34 times next year's earnings estimates, so while these are delicious results for any company, the expectations are already high for Chipotle.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends Chipotle Mexican Grill. The Motley Fool owns shares of Chipotle Mexican Grill. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.