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 Chart Industries (NASDAQ:GTLS) were flying higher today, up as much as 18% after topping estimates in its second-quarter earnings report.

So what: The industrial gas equipment specialist said it pulled in an adjusted per-share profit of $0.77, a penny better than expected, while revenues grew 24.3% to $298.3 million against estimates of $296.4 million. The company also received $369.7 million in orders in the last quarter, bringing its backlog to a record $664 million, 13% higher than the quarter before. That figure does not include the liquefied natural gas, or LNG, equipment order from PetroChina worth $50 million that was announced today.

Now what: There's no question this was a strong report, including 24% top-line growth and a rapidly expanding backlog, but the 18% pop in share price may be exaggerated. Much of the growth is driven by LNG demand as the natural gas boom in the U.S., and a desire to move to cleaner fuels into China, is spurring robust growth in that area. With a P/E above 40, Chart's shares are certainly pricey, but the potential in LNG is huge, so keep an eye on demand for it.