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 Innophos Holdings (NASDAQ:IPHS) popped as much as 13% today after reporting earnings.

So what: Sales were up 1% from a year ago and 10% sequentially to $216.3 million in the first quarter, and net income was up 14% to $14.2 million, or $0.64 per share. Earnings were a penny short of expectations, but revenue was higher than expected, and in a market where any growth is good, that's what investors are looking at today.  

Now what: Management was very bullish on the recent activity for the company after a slow start to the year because of bad weather. I would expect momentum to pick up operationally as the year goes on, and if that happens, the company's 13.6 forward P/E ratio looks attractive. Keep an eye on management's meeting those expectations the rest of the year if this momentum is going to continue.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.