Ingersoll-Rand (NYSE:IR) hasn't just managed to keep its ducks in a row for another quarter; it's also managed to keep them all working hard. In a quarter that has already been kind to the likes of Eaton (NYSE:ETN) and Parker-Hannifin (NYSE:PH), Ingersoll-Rand chipped in with solid growth of its own.

Revenue was up more than 10% as reported, and better than 9% on an organic basis. The top-line growth was also nicely broad-based: Every segment was up, with compact vehicles and construction equipment rising by double-digit amounts.

Margins, too, were no slouches this time around. Ingersoll-Rand's operating margins improved in every single segment, which led to an overall gain in operating income of 15%. I'd like to discuss the cash flow statement, too, but it wasn't included in the press release or the 8-K filling.

There was obviously plenty of good performance to go around this quarter. Revenue from Bobcat equipment was up about 12%, sales of refrigeration units for the trucking and stationary markets were strong, and the company continues to sell a whole lot of pavers. I'm particularly tuned in to that last part, because I've been passing Ingersoll-Rand equipment every day while the city of Durham, N.C., apparently decides to work on every single road in the city at once.

I do like Ingersoll-Rand's potential to generate cash, but you also cannot ignore the fact that it is economically sensitive. The climate-control business may not be as sensitive to new truck builds as some think, and the Bobcat business may not be as dependent on new housing starts as in the past, but this is still a play on the overall health of the economy.

That economic sensitivity makes things tricky. I've got no particularly good idea when the economy will start slowing, whether it'll be a broad-based decline, or whether certain sectors will lead the drop. And with margins and orders still on the rise, I'd be a little worried about selling out of this stock too soon.

Danaher (NYSE:DHR) and Tyco (NYSE:TYC) are probably my two favorite conglomerate ideas now, but in some cases, we're talking about the difference between a few percentage points. I guess more than anything, I'd suggest a little caution right now. Don't chase stocks that may be hard-pressed to grow through a downturn in overall economic conditions.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).