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 Mueller Water Products (NYSE:MWA) jumped as much as 17% today after the company released earnings.

So what: Fiscal-second-quarter revenue jumped 12.6% to $283.1 million and net income was $6.2 million, or $0.05 per share. Analysts only expected revenue to be $270.8 million and earnings of $0.02 per share so this was well ahead of estimates.  

Now what: The Mueller Co. business drove the results with a 21.7% jump in revenue during the quarter and new products and services saw revenue more than double. The company's results were much better than expected but I'd still like to see more profit before jumping in. The stock is trading at 24 times forward earnings estimates and that's a steep price for this business.

Interested in more info on Mueller Water Products? Add it to your watchlist by clicking here.