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 over-the-counter health care and household cleaning products company Prestige Brands Holdings (NYSE:PBH) surged 15% today, after its quarterly results and guidance easily topped Wall Street expectations.

So what: Prestige's third-quarter numbers -- EPS of $0.38, easily topped the consensus of $0.33, while revenue surged 53.5% -- and full-year outlook were so strong that analysts have no choice but to raise their valuation estimates, yet again. In fact, the 11.3% revenue increase at its core OTC health-care business represents the ninth straight quarter of organic growth, category outperformance, and market share gains from the segment, giving investors plenty of confidence in Prestige's growth going forward.

Now what: Management now sees full-year 2013 EPS of $1.37-$1.42, up nicely from its prior view of $1.22-$1.32, and also ahead of the average analyst estimate of $1.34. "With our strong first half performance, our strategy in place, and a well-positioned portfolio of consumer brands, we are confident in raising our earnings guidance," said CEO Matthew Mannelly in a statement. With the stock now up more than 100% from its 52-week lows, and trading at a 25-plus P/E, however, much of that optimism might already be baked into the valuation.

Interested in more info on Prestige? Add it to your watchlist.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.