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 manufacturer CIRCOR International (CIR) jumped 17% today after reporting third-quarter earnings.
So what: Revenue was up 2%, to $214.7 million, coming in slightly below the $216.3 million estimate from analysts. What really got investors excited was adjusted earnings per share of $0.93 in the quarter, $0.13 better than expectations.
Now what: Bottom line momentum was strong and, next quarter, the top line is expected to catch up. Management said revenue will be between $222 million and $228 million, well above expectations of $216 million. Earnings of $0.88 to $0.95 were also above the $0.76 estimate. I think this momentum on the bottom line will continue to drive shares higher.
