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 Universal Display Corporation (NASDAQ:OLED) jumped more than 25% during intraday trading Friday after the OLED technologist's third-quarter results absolutely crushed estimates. 

So what: Quarterly revenue nearly tripled from the same year-ago period to $32.5 million, which translated to third-quarter net income of $5.5 million, or $0.12 per share. By comparison, Universal Display turned in a $0.12 per share net loss on sales of just $12.5 milllion during the third quarter of 2012.

Meanwhile, analysts were expecting Universal Display to report a $0.04 per share loss this quarter on sales of just $21.76 million.

As a result, Universal Display also raised its full-year 2013 revenue guidance to a range of $142 million to $144 million, up from its previous guidance for annual sales to come in at the high end of its $110 million to $125 million range.

Now what: This quarter's beat is particularly compelling considering it didn't include Universal Display's twice-per-year $20 million license payment from Samsung. Rather, crucial material sales finally paved the way to profits after rising 176% year over year to a record $30.3 million.

Though shares may look expensive trading at nearly 32 times next year's estimated earnings, I think Universal Display's superior revenue and earnings growth makes it a well-deserved premium. Assuming Universal Display can indeed maintain its momentum going forward, patient long-term investors should still stand to be handsomely rewarded.