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 scientific instrument maker FEI (Nasdaq: FEIC) are on a tear today, up more than 11% after the company reporting record results after Thursday's market close. Second-quarter revenue of $221.5 million was 5% higher than the year-ago quarter and 2% higher than the prior quarter. Net income saw greater improvement, up 16% over the year-ago quarter to $30.3 million, and up a more impressive 18% from the prior quarter. FEI beat analysts' estimates of $0.68 in EPS by $0.06, also contributing to its gains.

So what: Guidance for the upcoming quarter comes in right in line with analyst estimates. FEI projects $210 million to $220 million on the top line and $0.63 to $0.70 in EPS, against consensus estimates of $220 million in revenue and $0.67 in EPS. FEI now has $210.1 million in gross bookings, a slight sequential decline from last quarter's $221.8 million in bookings. Thanks to strong demand, FEI now boasts a $423.6 million order backlog to fulfill.

Now what: FEI is clearly not in bubble territory with a P/E of 20. Net income has been growing faster than revenue for some time, which is a great sign of the company's pricing power and sustained demand. Long-term shareholders have already seen nearly 60% growth over the past 52 weeks, so FEI's momentum isn't a passing fad. If you were sitting on the sidelines before, now might be a good time to take a closer look.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more news and insights.

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