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 Advanced Energy (NASDAQ:AEIS) have dropped today by as much as 14% after the company reported earnings.

So what: Revenue in the first quarter totaled $111.8 million, which translated into non-GAAP earnings per share of $0.29 by the time it reached the bottom line. Those figures were better than consensus estimates of $110.6 million in sales and $0.17 per share in adjusted profit. Guidance was also mostly positive.

Now what: Second-quarter sales are expected in the range of $132 million-$145 million, with adjusted earnings per share of $0.18-$0.28. The midpoints of both guidance ranges are above consensus. However, investors may be spooked by the "major restructuring" that Advanced Energy is undertaking to integrate the recent acquisition of REFUsol. Total planned restructuring charges are expected to be $30 million-$35 million, most of which is non-cash. The restructuring will eventually translate into cost savings and revenue growth.

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Motley Fool contributor Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.