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 AAR Corp. (NYSE:AIR) jumped 10% today after the aerospace and defense supplier released earnings.

So what: Fiscal fourth-quarter revenue fell 8.7% from a year ago, to $505.4 million, which was also below the $510.0 million estimate from analysts. But earnings per share rose from $0.01 a year ago to $0.43, $0.02 above estimates. Management said fiscal 2015 revenue would be $2.1 billion- $2.15 billion, and earnings would be $1.80-$1.90 per share.

Now what: Slower sales to commercial customers hit results, but cost-cutting measures clearly overcame the lower revenue. We also won't see much growth next year, because guidance is only slightly higher than the $2.04 billion in revenue and $1.83 per share in earnings for fiscal 2014. Without growth, the price of 15 times earnings is too steep for me, even if results were better than expected last quarter.

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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.