What: Shares of Colfax Corporation (CFX -0.57%), a leading global manufacturer of gas and fluid-handling, fabrication technology products and services, are soaring 14% higher today after releasing fourth-quarter results.

So what: Colfax's fourth quarter wasn't eye-popping, at least in terms of the stock moving higher, but the company did manage to beat Wall Street estimates and that's about the only positive news for the stock price over the past year.

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Fourth-quarter revenue declined to $1.06 billion during the fourth quarter, compared to $1.2 billion during the fourth quarter of 2014, but that was ahead of Capital IQ estimates of $1.02 billion.

Colfax's adjusted operating profit also fell from $136.7 million down to $100.6 million, for the same time frame. Also, as investors would expect, the company's adjusted earnings per share took a hit, declining to $0.51 per share during the fourth quarter, compared to the prior year, but that was $0.08 better than estimates from Capital IQ.

Now what: What investors will want to watch going forward is whether Colfax can continue to reduce its costs. Management noted that Colfax was on track to deliver $100 million in cost reductions from its 2014 cost base by the end of this year. Colfax also reduced its debt by $131 million during the fourth quarter. Also, investors should expect further volatility as the company does have some exposure to China.