NEW YORK ( TheStreet) -- A United Nations Industrial Development Organization (UNIDO) report said that world manufacturing output grew by 6.5% during the first quarter of 2011 with China emerging as the major contributor at 15% followed by the U.S. with 7.1%.

According to the report, manufacturing output of developing countries and industrialized countries increased 11.5% and 4.4%, respectively. Newly industrialized countries like Turkey and Mexico recorded 13.8% and 7.4% growth, respectively.

These seven stocks from the equipment makers industry for sectors like agriculture, mining, transportation and power systems have a potential upside ranging between 19% to 34%, based on analysts' consensus estimates polled by Bloomberg.
7. Illinois Tool Works ( ITW) is a diversified manufacturer of engineering products and equipment with 840 business units located across 57 countries. The company's product portfolio includes transportation, industrial packaging, food equipment, power systems and electronics, construction equipment, polymers and fluids, decorative surfaces and all other.

For the first quarter of 2011, ITW reported total revenue of $4.4 billion, up 17.4% from the year-ago quarter. Net income soared 88% to $623.1 million, or $1.24 per share, from $333.8 million, or 66 cents per share, in the first quarter of 2010. Operating margin increased 110 basis points to 15.6% with an organic contribution of 90 basis points. Meanwhile, as of April 30, 2011, the company recorded a 16% increase in total revenue with its organic base contributing 8% toward total growth.

On June 30, 2011, the company will pay a regular quarterly cash dividend of $0.0034 per share. Besides, the company's board of directors has approved a $4 billion share repurchase program, representing almost 70 million shares of the company's common stock. Recently, Illinois announced that it has formed a business unit focusing on the global warehousing and supply chain market to provide fully integrated warehouse automation solutions across the globe.

For the second quarter of 2011, ITW foresees diluted net income per share in the range of 99 cents to $1.05 with revenue growth of 17% to 20%. Looking ahead to 2011, the company estimates net income per share at $4.16 to $4.34, including 33 cents per share one-time tax benefit recorded in the first quarter 2011. It assumes revenue growth of 16% to 18%.

Of the 21 analysts covering the stock, 57% recommend a buy while the remaining suggest a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg expect the stock to gain an average 19.3% to $66.53 in the upcoming 12 months.

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