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 GulfMark Offshore (NYSE:GLF) fell as much as 12% today after the company reported third-quarter earnings.

So what: Revenue rose 19.6% in the quarter, to $121.8 million, and net income nearly tripled, to $32.3 million, or $1.23 per share. Excluding a one-time gain, the company earned $1.00 per share, which was $0.03 ahead of estimates. 

The problem today is that third-quarter revenue was below estimates, and fourth-quarter guidance of $120-$125 million in revenue is below estimates of $128.3 million from Wall Street.

Now what: This is a typical case of expectations just getting ahead of operations. Both GulfMark's own operations, as well as the offshore drilling industry as a whole, are improving, so there aren't any fundamental cracks in the business model. I think this dip presents a buying opportunity for investors because earnings are still strong, and the forward P/E ratio of the stock is just 11, a solid price considering the company's growth.

Fool contributor Travis Hoium 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.