What: Shares of specialty products maker Rayonier Advanced Materials Inc (NYSE:RYAM) jumped as much as 34.5% today after it reported third-quarter earnings.

So what: Total sales were up slightly to $257 million, easily topping the $246 million analysts expected. On the bottom line, the company increased profits from $19 million a year ago to $32 million, or $0.76 per share. That crushed expectations of $0.44 per share in earnings, and management also upped full-year EBITDA guidance from $210 million-$225 million to approximately $230 million.  

Now what: Despite headwinds that have affected sales prices and sales overall, management has been able to control costs and maintain solid profitability. Most impressive is the increased guidance for the full year, which indicates confidence in the future. Shares are still trading at just over six times 2015 estimates, even before this earnings beat, so it looks like there's good value even after today's spike in shares.