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 aircraft components specialist Triumph Group (NYSE: TGI) were grounded by the market today, losing as much as 10% in intraday trading.

So what: The market action on Triumph's stock today appears to be largely driven by the broader market sell-off. For its fiscal second quarter, the company's top line fell short of analyst expectations, clocking in at $790.5 million versus the $840.5 million average estimate. The company said the softness was primarily due to lower non-recurring revenue, particularly in relation to its work with Boeing's (NYSE: BA) 747. The lighter-than-expected revenue, however, made the better-than-expected bottom line even more impressive. Earnings per share were $1.15 for the quarter, up from $0.85 last year and better than the $1.04 that Wall Street was looking for.

Now what: If the current-quarter results weren't enough, the company also decided to boost its full-year outlook, taking its per-share profit goal for the year to $4.50. Analysts' estimates had full-year profit at $4.41 per share.

But will investors step back from the red in the rest of the market and see Triumph's results and outlook as, well, more triumphant than they currently are? That remains to be seen. However, the good news for shareholders is that while the market can sometimes act a little blockheaded, a growing business and higher profits can only go ignored for so long.

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