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 satellite imagery company DigitalGlobe (NYSE:DGI) snapped a picture of success with its third-quarter earnings results yesterday, shooting the stock higher by as much as 13% today.

So what: There had been concern that a company whose largest customer is the United States government might face a weak outlook, but DigitalGlobe more than allayed those fears. For the quarter, DigitalGlobe reported a profit of $0.18, $0.04 better than expected, on revenue of $107.2 million, $9.5 million higher than the consensus. Furthermore, the company, which is purchasing rival GeoEye (NASDAQ:GEOY) for $453 million, upped its revenue growth forecast to a range of 18%-21% from a previous forecast of 16%.

Now what: I said back in August that DigitalGlobe's purchase of GeoEye was going to make for a monster growth company, and that short sellers piling into the stock were barking up the wrong tree. Needless to say, it's nice being right once in a while. The company has been doing a good job of boosting international orders for its products in light of weaker expected U.S. government spending, having won contracts from the Indian government, and expanding its contract with AutoNavi Holdings (NASDAQ:AMAP). With its satellite imagery systems now generating recurring revenue, I don't think there's much that stands in the way of it heading higher.

Craving more input? Start by adding DigitalGlobe to your free and personalized Watchlist so you can keep up on the latest news with the company.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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