Image: BigstockInvestors are always looking for stocks with diverse business operations. At the moment, the Zacks Diversified Operations Industry is in the top 8% of over 250 Zacks industries. As these stocks are considered multi-sector conglomerates, their improved outlooks are very appealing. Here are a few such stocks to consider.

Carlisle Companies (CSL – Free Report)
We’ll start with Carlisle Companies, which operates a global portfolio of niche brands and businesses that manufacture a wide range of roofing and waterproofing products, engineered products, and fishing equipment.With its operations spanning five continents, Carlisle Companies’ EPS outlook is very impressive, as annual earnings are forecasted to soar 20% in fiscal 2024 to $18.70 per share versus $15.52 a share last year. Better still, FY25 EPS is projected to rise another 11%.Image Source: Zacks Investment ResearchFurthermore, earnings estimate revisions are nicely up over the last 30 days for FY24 and FY25, which suggests the strong price performance of Carlisle Companies’ stock could continue. To that point, the stock has climbed +28% year-to-date and is now up +94% in the last year.Image Source: Zacks Investment Research

Mitsubishi (MSBHF – Free Report)
As Japan’s largest general trading company, Mitsubishi has a global presence that extends to many markets, including energy, metals, machinery, chemicals, food, and general merchandise.Most impressive is Mitsubishi’s blazing price performance, with its stock soaring +45% year-to-date and skyrocketing +97% over the last year.Image Source: Zacks Investment ResearchThe extended rally comes as Mitsubishi’s stock has been vastly undervalued in terms of P/E valuation, among other financial metrics, despite annual earnings expected to dip to $1.59 a share this year versus $2.00 per share in 2023.However, FY25 EPS is projected to rebound and rise 3%, with Mitsubishi’s stock still trading at a reasonable 14.4X forward earnings multiple, which is below the industry average of 20.9X. Plus, over the last 60 days, FY24 and FY25 EPS estimates are up 4% and 11%, respectively.  Image Source: Zacks Investment Research

Vector Group (VGR – Free Report)
Rounding out the list is Vector Group, which manufactures cigarette products through its subsidiaries and holds minority investments in various real estate projects in the United States.Vector Group’s stock has dipped -9% in 2024 and is down -16% over the last year, but it looks poised for a sharp rebound. To that point, Vector Group’s stock trades at $10 and just 8.3X forward earnings, with EPS expected to be up roughly 1% in FY24 and projected to rise another 7% in FY25 to $1.33 per share.Reassuringly, FY24 earnings estimates are up 7% over the last 60 days, while FY25 EPS estimates have remained unchanged.Image Source: Zacks Investment ResearchMore enticing is the fact that Vector Group offers a 7.77% annual dividend yield to support patient investors. Notably, this towers over the S&P 500’s 1.31% average and the industry average of 1.61% — although many of its diversified operations peers don’t offer a payout, setting Vector Group apart.Image Source: Zacks Investment Research

Takeaway 
Attributed to their positive earnings estimate revisions, these multi-sector conglomerates currently sport a Zacks Rank #1 (Strong Buy). More importantly, Carlisle Companies, Mitsubishi, and Vector Group’s stocks should be viable long-term investments as well, considering their diversified operations.More By This Author:Warner Bros. Discovery Stock Sinks As Market Gains: Here’s WhyShould You Buy S&P 500 ETFs Now & Hold?3 Large-Cap Value Mutual Funds to Add to Your Portfolio