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 laser component specialist II-VI (Nasdaq: IIVI) surged more than 20% in intraday trading Tuesday after its quarterly results easily topped Wall Street expectations.

So what: Fueled by its recent acquisition of near-infrared optics maker Photop Technologies, II-VI posted a third-quarter profit of $23.12 million, or $0.72 per share, versus the average analyst estimate of just $0.53 per share. The results mark the second straight market-beating quarter for II-VI, which has benefitted from rebounding optic component demand, so it's no surprise that its shares are now up about 50% over the past six months.

Now what: For the full year, management expects revenue to grow a handsome 40%, with profits in the range of $2.58 to $2.63 per share. "We see continuing strength in industrial markets as global economies rebound. Near-infrared market growth appears positive overall, with ongoing strength in China," said CEO Francis Kramer in a statement. While today's double-digit rally isn't ideal for value hounds, II-VI's tasty growth potential might just be worth paying up for.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. II-VI is a Motley Fool Stock Advisor recommendation, and the Fool owns shares of it. Try any of our Foolish newsletter services free for 30 days.

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