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 Applied Industrial Technologies (NYSE:AIT) jumped 10% today after the company reported earnings.

So what: Sales fell 1.3% in the fiscal second quarter, to $581.9 million, and net income dropped $1.1 million, to $25.9 million, or $0.61 per share. Analysts were expecting $593.7 million in revenue, and earnings of $0.59 per share; so, while profits were better than expected, the top line was clearly well short of expectations. 

Now what: Management pointed to weak industrial demand and negative foreign currency translation as a driver of the weak top line. Guidance was maintained at earnings of $2.65 to $2.95 per share, so the weakness is expected to be short-lived. I'd like to see top-line growth before jumping in, but the cost controls that led to a decent bottom-line result is encouraging for investors.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.