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 Brazilian aircraft company Embraer (NYSE: ERJ) flew 11% in intraday trading today after reporting much better-than-expected earnings and raising guidance.

So what: Second-quarter EPS of $0.53 increased 36% year over year and trounced the $0.45 consensus estimate. Revenue of $1.36 million was flat with the year-earlier quarter but 5% ahead of the consensus forecast. 

Now what: Management said the earnings increase resulted from a product-mix shift and improving productivity and efficiency. The press release stated, "[W]e believe Embraer is on track to meet its 2011 projected deliveries and Revenue guidance."  The company raised its 2011 revenue forecast to $5.8 billion from $5.6 billion and its EBIT forecast to $465 million from $420 million, inspiring confidence that it is holding its own as competitors Boeing (NYSE: BA), Airbus, and Bombardier target its core regional jet market to compensate for declining demand for larger aircraft.

Interested in more info on ERJ? Add it to your watchlist.

Fool contributor Cindy Johnson owns no shares of any company named above. We Fools don't 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.