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 TTM Technologies (NASDAQ:TTMI) are up by 10% this afternoon in response to the printed circuit board specialist's better-than-expected earnings report, which was released after yesterday's closing bell.

So what: TTM's fourth-quarter revenue of $390.9 million produced adjusted earnings of $0.28  per share, and both results topped Wall Street's expectations of $380 million in revenue and $0.25 in adjusted EPS. These results represent an improvement of 7% and 4% over TTM's year-ago top- and bottom-line results, respectively. The company now expects to produce adjusted EPS in a $0.06 to $0.12 range on revenue ranging from $310 million to $330 million for the first quarter of 2015. The midpoint of TTM's top-line guidance is better than Wall Street's expectation of $313.1 million in first-quarter revenue, but its EPS guidance range merely hits Wall Street's $0.09 consensus at its midpoint.

Now what: Today's pop merely brings TTM investors back to even for the past year after shares clawed their way out of a 25% hole late last year. However, TTM's estimates represent solid improvements over its 2014  first quarter, which produced revenue of $291.9 million and adjusted EPS of merely $0.01. TTM's adjusted valuation is also rather reasonable, even after today's report, as its full-year adjusted EPS of $0.47 results in an adjusted P/E ratio of just 16.6, which is less than a third the size of its hefty GAAP P/E of 56. You shouldn't rely on adjusted financial results to make your investing decisions, but TTM's earnings and guidance seem to make its shares worth a closer look.

Alex Planes 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.