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 (AMEX: GRC) surged as much as 11% in early trading and remain up more than 8% as of this writing. The Ohio-based maker of pumps and other fluid control products easily exceeded Wall Street's expectations in reporting fourth-quarter results.

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.

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