Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Gorman-Rupp
So what: Revenue soared 36% to $84.7 million. Profit more than doubled to $0.57 per share. Analysts were calling for $75.3 million and $0.36, respectively.
Now what: From what I can tell, this move is exactly what it looks like: investors expressing enthusiasm for a company executing much better than anyone on Wall Street expected and getting its just rewards as a result.
The move has to be especially sweet for the co-founding Gorman family, which still owns 26% of the business through CEO Jeff Gorman and Chairman James C. Gorman. Well done, sirs.