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What: Shares of Newport (NASDAQ: NEWP) have jumped today by as much as 18%, after the company reported third quarter earnings.

So what: Revenue in the third quarter came in at $142.9 million, slightly below the market's forecast of $151.8 million. However, that didn't stop the company from trouncing the consensus estimates for the bottom line. Newport posted non-GAAP earnings per share of $0.35, topping the $0.18 per share profit that analysts were expecting.

Now what: Newport also paid down approximately $4.6 million in debt during the quarter, and is "ahead of schedule" in achieving its annualized cost savings of $15 million per year through integration synergies. CEO Robert Phillippy said the results were the highest in 2012, despite tough market conditions. The industrial manufacturing segment, in particular, grew particularly well.

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