Oh, that cursed margin of safety. It's like going to the dentist or getting a physical -- not always pleasant, but it can keep you safe and sound over the long term. So while I've cheered for United Technologies (NYSE:UTX) for some time now, my own margin-of-safety requirements have kept me on the outside looking in. For today, at least, that means I'm missing a little party.

This diversified industrial conglomerate continues to benefit from good markets in most of its major businesses. Total revenue was up 13%, with 9% growth in organic revenue -- not too shabby. Margins also continued to improve, and the company posted 18% growth in operating profits, along with solid cash flow for the quarter.

You're probably aware of the improving aerospace market, which has certainly helped United Technologies this quarter. Pratt & Whitney and Hamilton Sundstrand both had solid results, and while Sikorsky was weak, it's not your typical aerospace business.

Other businesses such as fire/security and Carrier also did quite well, with the latter still seeing a strong residential market. The Otis elevator business looked a little soft, and guidance was only for mid-single-digit revenue growth. Still, I'd suspect that a sustained improvement in non-residential construction is coming, which should help get this business going, too.

Whether you look at Ingersoll-Rand (NYSE:IR), Parker-Hannifin (NYSE:PH), or Eaton (NYSE:ETN) and so on, the good times are here for these mostly industrial conglomerates. These later-cycle markets won't stay strong forever, but picking the end of a cycle can be tricky.

Instead of trying to play pick-the-point-in-the-cycle, I'd suggest focusing your efforts on identifying great companies trading at appealing prices. Do that, and you'll achieve your own excellent results over the long run.

For more industrial-strength Foolishness:

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