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: Rogers Corporation (NYSE: ROG) popped 11% in intraday trading today after fourth-quarter EPS walloped the consensus estimate and management issued much better than expected guidance.

So what: Fourth-quarter non-GAAP EPS of $0.65 trounced the $0.39 consensus estimate and grew 44% year-over-year. First-quarter non-GAAP EPS guidance of $0.49 to $0.53 vastly exceeded the $0.42 consensus and represents growth of 14% to 23% year-over-year.

Now what: Rogers' financials reflect extensive restructuring, an acquisition and legal issues that complicate analysis and make non-GAAP financials useful. Though fourth- quarter revenue grew 25% year-over-year, non-GAAP EPS -- which excludes the one-time items -- grew only 10%.  That doesn't seem to justify the stock's P/E ratio of 20 and suggests that investors may want to use today's strength to take profits.


Interested in more info on Rogers Corporation? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. 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.