We find our latest top outperformer from the industrial sector; the Winnipeg-based company is the largest transit bus and motor coach manufacturer and parts distributor in North America, notes Gordon Pape, editor of Internet Wealth Builder.

New Flyer Industries (NFI) has manufacturing, distribution, and service centers in Canada and the United States and employs approximately 5,000 people.

The company, first recommended in 2013 when it was trading at $10.30, is a leader in the development of clean transportation vehicles, which include those powered by natural gas, diesel-electric hybrid, electric-trolley, and battery-electric.

New Flyer is in the right place at the right time. Cities across North America are replacing their aging public transit fleets with leading edge clean technology and this trend will likely continue for years to come.

A quick look at the company's order book shows the rapid increase in demand for its products. At the end of 2015, the company had firm orders for 2,462 units. As of March 31, that was up to 3,113, an increase of 26% in three months.

First-quarter results released last month showed revenue of $553.2 million, up 45.5% from the same period a year ago (note that the company reports in US dollars). Net earnings were $22.6 million ($0.40 per share), an improvement of more than 100%.

The outlook is bright as orders keep pouring in. On June 6, the company announced that the Connecticut Department of Transportation had awarded it a contract for up to 485 heavy-duty 35 and 40-foot Xcelsior clean diesel and diesel electric hybrid buses.

The contract includes a firm order for 267 vehicles valued at approximately $122 million, with options for an additional 218 units over the next five years. The order will replace older vehicles in the fleet with newer, more fuel efficient Xcelsior models.

Just over a week later, the company announced that the Southeastern Pennsylvania Transportation Authority had awarded it a contract for up to 550 heavy-duty 40-foot Xcelsior diesel electric hybrid buses over the next five years.

The company increased its annual dividend rate by 37.5%, effective with the July payment. The shares yield 2.3% at the current price. In summary, the company is firing on all cylinders right now. It is suitable for all but the most conservative portfolios.

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By Gordon Pape, Editor of Internet Wealth Builder