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 infrastructure contractor MasTec (NYSE:MTZ) jumped 10% today after reporting first-quarter earnings.

So what: Revenue jumped 24% to $919 million during the first quarter and adjusted earnings per share jumped 93% to $0.27. Wall Street only expected $854.9 million in revenue and $0.24 per share in profit.  

Now what: MasTec was also able to improve its borrowing cost during the first quarter by issuing $400 million of 4.875% senior notes due 2013. This was lower than the previous 7.625% notes and lowers the company's costs going forward. Operationally the company is hitting on all cylinders and updated guidance to $1.80 per share in earnings this year. That's about in line with estimates and puts the stock at 17 times 2013 earnings. That's a price that will keep me on the sidelines today, but if the stock falls back near $25 in coming weeks, I think it would be a great buy.

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Motley Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends MasTec. 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.