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 Polypore International (NYSE:PPO) jumped 15% today after reporting earnings.

So what: First quarter revenue was up 10% to $161.0 million and adjusted net income rose 36% to $13.6 million, or $0.30 per share. Results were actually short of analyst estimates, but a new contract with Panasonic overshadowed that.  

A new deal with Panasonic is a five-year agreement to purchase Celgard-brand separators for electric vehicle lithium-ion batteries. It includes minimum volume requirements, although details weren't given.  

Now what: Panasonic is one of the leading battery suppliers to the EV market, including being a key supplier to Tesla Motors. The contract win means Polypore can grow along with Panasonic in this emerging market and have some stability with the volume guarantees. I think this is a big move for Polypore and shares are becoming attractive at 20 times next year's estimates.

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Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends Polypore International. 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.