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 industrial supplier Raven Industries (NASDAQ:RAVN) fell as much as 11% today after reporting first-quarter results.

So what: Revenue fell 12% to $103.7 million, missing the $112.6 million estimate. As a result, net income fell 26% to $14.0 million, or $0.38 per share, which was $0.06 below estimates.

Now what: Management expected headwinds, but they were a little stronger than anyone thought, which led to the big miss. The good news is that costs were controlled well, leading to a smaller miss on the bottom line than you might expect, with a 12% drop in revenue. Still, I don't see a reason to buy the discount until we see conditions improving on both the top and bottom line.

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Fool contributor Travis Hoium and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.