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 Valmont Industries (NYSE: VMI) got a boost from investors today, jumping as much as 19% in intraday trading after the company announced fourth-quarter earnings.

So what: Valmont -- which manufacturers a variety of products including steel and aluminum poles, steel and concrete poles, and irrigation systems -- saw fourth-quarter results leap from a year ago. Revenue was up 50% from 2009 while operating earnings climbed 31%. Most of the gains however, were from the company's acquisition of Britain's Delta. Excluding Delta, revenue increased 14% year over year, while operating earnings were up 8%.

Now what: While the gains may not be scorching once you strip out the Delta contribution, the fourth quarter was a breath of fresh air in what was otherwise a difficult 2010. Revenue was up 11% for the year, but operating earnings fell 32%. Wall Street sees a strong bounce-back ahead for the company in 2011, with earnings per share expected to grow 37%. As investors are currently paying an earnings multiple of 23 on those 2011 estimates, they obviously have faith in Valmont's return to growth.

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