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: Aviation service company AAR's (NYSE:AIR) shares dropped 10% today after the company released fiscal-first-quarter earnings.

So what: Revenue fell 6.5% from a year ago to $514.5 million, well below estimates of $538 million from Wall Street. That clearly overshadowed a strong bottom line where earnings of $0.45 per share beat estimates by a penny.  

Now what: A 10.5% decline in SG&A expenses helped keep net income up but the revenue decline is a big concern at the moment. Management does anticipate a return to growth in the second quarter as aviation services revenue picks up. Overall, management expects earnings of $2.00-$2.05 this year, which would be solid growth from a year ago, despite the bad quarterly revenue.

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