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.