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 AeroVironment (Nasdaq: AVAV) jumped as much as 15% today following the company's blowout earnings report that came in after the market closed yesterday.

So what: For the quarter, revenue increased 39% to $84.4 million and topped estimates of $78.5 million on higher unmanned aircraft sales and a rollout of the company's electric vehicle charging system. Earnings were also impressive at $11.5 million, or $0.52 a share, higher than analyst's expectation of $0.38 a share.

Now what: AeroVironment is clicking on all cylinders, and with more than 1,000 charging systems already installed, the momentum looks strong in all parts of the business. Management expects 12.5% to 15% growth in 2011, and with a funded backlog of $103.8 million, the company is on its way. I see nothing but bullish news in today's release and think momentum will continue for both the unmanned aircraft and efficient energy systems units.

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