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When it's uncertain where the global economy is headed, industrial stocks are not the most sought after of opportunities. However, savvy investors can make money by looking where other investors don't. That's exactly why we screened for industrial stocks. Today we identified some industrial stocks with strong cash reserves, meaning that these companies are well positioned to cover their expenses and possibly make strategic investments or acquisitions. But money in hand isn't enough to warrant investment; we also looked for companies with strong growth projected for the near term. With these ideas in mind, we came up with a pretty interesting list of industrial stocks.

EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. The 1-Year Expected EPS Growth Rate is an annual growth estimate, where the growth projections are made by analysts, the company or other credible sources.

The Current ratio is a liquidity ratio used to determine a company's financial health. The metric illustrates how easily a firm can pay back its short obligations all at once through current assets. A company that has a current ratio of one or less is generally a liquidity red flag. Now this doesn't mean the company will go bankrupt tomorrow, but it also doesn't bode well for the company, and may indicate that it could have an issue paying back upcoming obligations.

The Quick ratio measures a company's ability to use its cash or assets to extinguish its current liabilities immediately. Quick assets include assets that presumably can be converted to cash at close to their book values. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The quick ratio is more conservative than the Current Ratio because it excludes inventory from current assets, since some companies have difficulty turning their inventory into cash. If short-term obligations need to be paid off immediately, sometimes the current ratio would overestimate a company's short-term financial strength. In general, the higher the ratio, the greater the company's liquidity (i.e., the better able to meet current obligations using liquid assets).

We first looked for industrial stocks. We then screened for businesses with projected high growth, measured by 1-year projected EPS growth above 25%. From here, we then looked for companies that have a substantial amount of cash on hand (Current Ratio>2)(Quick Ratio>2). We did not screen out any market caps.

Do you think these stocks will trade at a higher valuation? Please use our list to assist with your own analysis.

1) Coleman Cable, Inc. (NASDAQ:CCIX)

Sector:Industrial Goods
Industry:Industrial Electrical Equipment
Market Cap:$140.75M
Beta:1.34

Coleman Cable, Inc. has a 1-Year Projected Earnings Per Share Growth Rate of 25.19%, a Current Ratio of 5.20, and a Quick Ratio of 2.85. The short interest was 3.68% as of 06/27/2012. Coleman Cable, Inc. designs, develops, manufactures, and supplies electrical wire and cable products for consumer, commercial, and industrial applications primarily in the United States and Canada. It provides industrial wire and cable products, including portable cords, machine tool wiring, building wires, welding, mining, pump, control, stage/lighting, diesel/locomotive, instrumentation, tray, thermocouple, high temperature, and metal clad cables, as well as other power cord products under the Royal, Seoprene, Copperfield, Continental, Triangle, and Corra/Clad brand names. The company also offers assembled wire and cable products comprising various types of extension cords, ground fault circuit interrupters, portable lighting, retractable reels, holiday items, solar lighting, recreational vehicle cords and adapters, and surge and strip products, as well as booster cables, battery cables, and battery accessories for the automotive aftermarket.

2) Energy Recovery, Inc. (NASDAQ:ERII)

Sector:Industrial Goods
Industry:Pollution & Treatment Controls
Market Cap:$128.26M
Beta:0.83

Energy Recovery, Inc. has a 1-Year Projected Earnings Per Share Growth Rate of 66.70%, a Current Ratio of 6.76, and a Quick Ratio of 5.73. The short interest was 11.25% as of 06/27/2012. Energy Recovery, Inc. develops, manufactures, and sells energy recovery devices, and high-pressure and circulation pumps primarily for use in seawater desalination in the United States and internationally. Its energy recovery devices comprise PX pressure exchanger devices and turbochargers; and pumps include high-pressure feed, circulation, and booster pumps. The company sells its products under the AquaBold, AquaSpire, ERI, PX, Pressure Exchanger, PX Pressure Exchanger, PEI, Pump Engineering, and Quadribaric trademarks.

3) Fuel-Tech, Inc. (NASDAQ:FTEK)

Sector:Industrial Goods
Industry:Pollution & Treatment Controls
Market Cap:$116.55M
Beta:1.27

Fuel-Tech, Inc. has a 1-Year Projected Earnings Per Share Growth Rate of 42.31%, a Current Ratio of 3.58, and a Quick Ratio of 3.56. The short interest was 7.46% as of 06/27/2012. Fuel Tech, Inc. provides engineered solutions for the optimization of combustion systems in utility and industrial applications worldwide. The company offers air pollution control technologies, such as low and ultra low nitrogen oxide (NOx) burners, over-fire air systems, NOxOUT and HERT selective non-catalytic reduction systems, and advanced selective catalytic reduction systems to reduce NOx emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources. It also provides ULTRA technology, which converts urea-to-ammonia on site offering safe reagent for use in selective catalytic reduction systems; and flue gas conditioning systems that are chemical injection systems used to enhance electrostatic precipitator and fabric filter performance in controlling particulate emissions.

4) Aixtron SE (NASDAQ:AIXG)

Sector:Industrial Goods
Industry:Diversified Machinery
Market Cap:$1.35B
Beta:2.67

Aixtron SE has a 1-Year Projected Earnings Per Share Growth Rate of 500.00%, a Current Ratio of 4.52, and a Quick Ratio of 2.89. The short interest was 4.06% as of 06/27/2012. AIXTRON Aktiengesellschaft manufactures and sells deposition equipment to the semiconductor industry. Its solutions are used by a range of customers to build components for electronic and opto-electronic applications, which are used in displays, signaling, lighting, computing, fiber optic communication systems, wireless and mobile telephony applications, and optical and electronic storage devices. The company offers production and research scale deposition systems for silicon semiconductor market applications capable of depositing material films on wafers; and a range of peripheral equipment and services, including products capable of monitoring the concentration of gases in the air and of cleaning the exhaust gas from metal organic chemical vapor deposition processes.

5) Electro Scientific Industries Inc. (NASDAQ:ESIO)

Sector:Industrial Goods
Industry:Industrial Electrical Equipment
Market Cap:$326.66M
Beta:1.36

Electro Scientific Industries Inc. has a 1-Year Projected Earnings Per Share Growth Rate of 614.29%, a Current Ratio of 6.93, and a Quick Ratio of 5.43. The short interest was 2.83% as of 06/27/2012. Electro Scientific Industries, Inc., together with its subsidiaries, provides high-technology manufacturing equipment to the semiconductor, interconnect/micromachining, and component markets. It offers semiconductor memory yield equipment, which is primarily used in the manufacture of dynamic random access memory devices; model 2100 thin-film-on-silicon trimming system that enables manufacturers in trimming performance parameters to specific values for precision analog devices; sapphire wafer scribing system that is used in the manufacture of light emitting diodes (LEDS); and laser liquid crystal display repair systems to enhance yields in the manufacture of flat panel displays. The company also produces high-capacity test and optical inspection equipment that helps in the quality control process during the production of multilayer ceramic capacitors (MLCCs); laser microvia engineering systems for electrical interconnect applications between layers in high-density circuit boards, flexible circuits, and IC packages; and UV laser processing systems.

*Company profiles were sourced from Finviz. Financial data was sourced from Finviz and Yahoo Finance.

Source: 5 Growing Industrial Small Caps Armed With Cash