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 vehicle-parts manufacturer Modine Manufacturing (NYSE: MOD) were skidding off the road today, falling as much as 18% in intraday trading after the company reported fiscal-third-quarter results.

So what: On an absolute basis, there was good reason for Modine CEO Thomas Burke to say that the company had a "solid quarter." Sales rose just 3.7% from a year ago, but the company's bottom line zoomed ahead, with earnings per share jumping 50% YOY to $0.18.

Investors were expecting more, though. A lot more. On average, Wall Street analysts were looking for the company to earn $0.28 in per-share profit on $414 million in sales. That makes the $0.18 per-share profit and $373 million in sales a pretty big disappointment.

Now what: But it wasn't just the past quarter's result that investors were fretting about today. The company pointed both to unfavorable foreign currency movements as well as softness in some of its markets in Europe and Asia as reason for stepping back its full-year forecast. Previously, the company had been expecting 12% to 16% annual sales growth and earnings per share of $0.95 to $1.05. Modine's new forecast calls for just 8% to 10% sales growth and earnings per share of $0.70 to $0.75. Analysts had pegged full-year earnings at $0.91.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool’s disclosure policy prefers dividends over a sharp stick in the eye.