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 drilling service company Dril-Quip, (NYSE:DRQ) jumped 12% today after releasing earnings.

So what: Fourth-quarter revenue was up 23%, to $232.4 million, in line with what Wall Street analysts were expecting. On the bottom line, earnings of $1.21 per share were $0.07 ahead of expectations. 

The bad news is that both first-quarter earnings guidance of $1.10 to $1.20 and full-year guidance of $5.00 to $5.20 were below estimates.

Now what: Dril-Quip has soundly beaten estimates all year, and that may be reason to give some leeway on guidance for 2014. The company's growth rate on both the top an bottom line also continue to be strong, which bodes well for long-term value. Shares aren't cheap at 21 times the top end of 2014 estimates, but if growth continues like this, and investors hold on for the ride, it's still a good stock.

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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.

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