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Industrial stocks are typically not as well followed as popular growth stocks such as Apple or Tesla, but they represent the backbone of worldwide manufacturing and construction industries. As markets continue to recover from the GFC and technology and construction spending return to less depressed levels, these companies should be well situated to take advantage of improved macro environments as they have already proven their ability to perform well in extremely tough market settings. Here is a list of four large-cap listings that have decent dividend yields and have performed extremely well in what has been a tough spending environment.

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Honeywell (NYSE:HON) is an industrial conglomerate that currently has a dividend yield of almost 2% and a 5-year dividend growth rate of 7.8%. 2Q13 earnings showed EPS up 8% YOY with sales of 9.7 billion and order rates in the U.S. staying stable and Europe and China trending upward. Given this strong performance, the total EPS guidance range was increased to $4.85 - 4.95, which is up 8-11% YOY. The stock is up 32% YTD and as such may be a bit expensive at current valuations, but strong earnings in this tough market environment bode well for the company if construction spending continues to recover.

Ingersoll Rand (NYSE:IR) is another industrial conglomerate with particularly large exposure to commercial and residential building. The company has a yield of 1.4% and a 5-year dividend growth rate of -4.8% largely due to the reduction of the dividend during the GFC (3-year rate is 23.5%). 2Q13 revenues were up 3% YOY with increased margins from their residential, climate and security segments. Geographically, sales were up in the Americas, being maintained in Europe, and softening a bit in Asia. Full-year guidance on revenue is now 14.2 to 14.4 billion, which is a reduction from the midpoint of guidance from 1Q13, but represents 1-3% growth versus 2012. Ingersoll is up 28% YTD, and as such is not such a deal for the low dividend yield it currently carries, but the company is anticipating a spinoff of its security segment into a public company listed as Allegion in 4Q13. If you would like more detail, I have previously written in more depth about both the spinoff and Ingersoll Rand.

Dover Corporation (NYSE:DOV) is an industrial manufacturer that has a current dividend yield of 1.4% and a 5-year dividend growth rate of 10%. 2Q13 earnings showed EPS and revenues up 55% and 9% respectively YOY with growth occurring in North America and China and Europe remaining stable. FY13 EPS guidance has been increased to reflect the solid Q2 performance and now stands at $5.56 to 5.71. Dover is up 33% YTD, but still has a relatively low P/E of 16.4 and is also planning a spinoff of Knowles, the electronics and communications company that has proven annual revenues of 1.3 billion and a focus on high-growth acoustic products.

United Technologies Corporation (NYSE:UTX) provides a wide array of technological products to the aerospace, engineering, and building systems industries. The company has a dividend yield of 2% and a 5-year dividend growth rate of 10%. 2Q13 earnings came in at 1.70 EPS, which is up 5% YOY and resulted in increased EPS guidance for the year of $5.85 to 6.15, which represents growth of 12-15% YOY. This growth was led by strong growth in the U.S. and China, and in spite of sales in Europe still contracting. United technologies is up 29% YTD and it is still dealing with the growing pains from a series of acquisitions and divestitures in order to have a more coherent portfolio of companies under one brand.

There is significant potential for continued success and future growth for all of these industrial stocks as markets continue to improve and spending returns to a less depressed level. Two of the companies are planning spinoffs in order to further increase shareholder value and all have displayed significant growth in a challenging macro environment. These large conglomerates may be boring, but they continue to perform extremely well while returning income to investors.

Source: 4 Boring Companies That Are Up 20% YTD