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 McDermott International (NYSE: MDR) have climbed 16% today after reporting earnings that missed expectations. Wait... yes, that's what happened.

So what: Revenue grew 51% in the fourth quarter to $816.2 million, driven by the Asia Pacific region. Net income from continuing operations was $9.3 million, or $0.04 per share, down from $45.5 million a year ago. Analysts had expected $0.19 in earnings per share.

Now what: The bad earnings news was overshadowed today by the company's positive outlook. Brazil and Mexico are expected to drive future earnings, and the company said $0.70 to $1.01 of earnings per share for the year is a reasonable expectation. With the price of energy rising, I think McDermott can continue to leverage that to stronger earnings next year and beyond after a rough 2011.

Interested in more info on McDermott International? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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