UPDATE 1-ANALYSIS-US industrials may deliver upside surprises

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By Nick Zieminski

NEW YORK, July 11 (Reuters) - U.S. industrial companies may be poised for a strong performance this earnings season, in part because of what businesses they don't do.

First and foremost: they are not banks.

Manufacturers due to report results in the next week are enjoying strong global demand for infrastructure and energy, and many have benefited from a weak U.S. dollar that makes them more competitive against European and Asian rivals.

Companies without financial services exposure could report especially strong earnings, and current estimates may prove to be too low, analysts and investors say.

They contrast that outlook with General Electric Co's (GE.N). The blue chip conglomerate's second-quarter earnings met expectations, in part on a recovery in its finance business, but it forecast a rough third quarter for financing.

"My expectation would be that if you don't have financial services to drag on the quarter ... most of these companies have good earnings," said Jeff Markunas, manager of the RidgeWorth Large Cap Core Equity Fund, with $1.2 billion under management.

The fund owns diversified multinational companies including Emerson Electric Co (EMR.N) United Technologies Corp (UTX.N), Danaher Corp (DHR.N) and Eaton Corp (ETN.N).