Shares of industrial goods manufacturer United Technologies Corporation (UTX – Free Report) scaled a new 52-week high of $123.15 yesterday, before closing the trading session a tad lower at $122.08 for a healthy year-to-date return of 12.6%. Barring minor hiccups, United Technologies’ share price has steadily been on an uptrend since mid-April.

Despite its strong price appreciation, this Zacks Rank #2 (Buy) stock has the wherewithal to continue its upward trend with long-term earnings growth expectation of 8.5%.

Growth Drivers

United Technologies serves various end markets such as aerospace, defense and commercial construction, that move according to their own cycles. This business mix and diversification allow the company to remain profitable even during tough economic times, delivering consistent earnings and dividend growth.

In addition, United Technologies has a strong aftermarket business. The company not only manufactures and sells primary products such as elevators, aircraft engines and helicopters but also sells spare parts and offers related services to keep those primary products running. The company’s aftermarket services business is relatively stable compared to new product delivery. It further helps offset the negative impact of downturns in the new products market. With a diligent execution of operational plans, the company has outperformed the Diversified Operations industry with an average year-to-date return of 11.3% compared with just 2.2% gain for the latter.