CHARLOTTE, N.C. (Matt Kaminer | The Charlotte Observer) - Six companies based in the Charlotte area appeared in the Fortune 500 rankings released this week – down from seven in 2016, after Fort Mill-based Domtar just outside of the top 500.
Here are the six companies and their rankings among the largest publicly traded American firms, based on revenue:
- Bank of America, No. 26.
- Lowe’s Cos., No. 40.
- Duke Energy, No. 121.
- Nucor, No. 169.
- Sonic Automotive, No. 287.
- Sealed Air, No. 397.
As recently as 2007, the Charlotte area had nine companies on the list. But once San Francisco-based Wells Fargo acquired Charlotte-based Wachovia in 2008, that number slipped to eight. It fell again in 2015 following the sale of Family Dollar Stores to Dollar Tree.
Domtar, a paper company that's appeared among the last 100 firms on the top 500 list for the past few years, fell 16 spots from No. 489 in 2016. The company ended up at No. 505 after a 2.3 percent decrease in revenue last year.
Bank of America maintained its No. 26 standing after registering the second-most profitable year in company history, with revenues at about $93.6 billion. It remains one of the top-ranked banks in the Fortune 500, with only two banks, Wells Fargo and New York-based J.P. Morgan Chase, appearing higher.
Lowe's, a home improvement retailer based in Mooresville, jumped seven spots to enter the top 40 for the first time in company history as it acquired Canadian retailer RONA in a deal that boosted sales by 10 percent. However, the company fell short of Wall Street expectations for profits last year as it continues to play catch-up with Atlanta-based Home Depot, ranked at No. 24.
Despite a 1.2 percent revenue drop, steelmaker Nucor Corporation moved up one spot on the list.
Sonic Automotive climbed 10 spots in the wake of a 1.1 percent increase in revenue and an 8 percent rise in profits. The auto retailer debuted on the Fortune 500 in 2000, ranked No. 460, but jumped over 160 spots the following year to enter the top 300 and has remained steady since.
Sealed Air, a packaging company known for Bubble Wrap, sunk 22 spots. The company announced earlier this year that it would be selling over a third of the company to Bain Capital Private Equity for $3.2 billion.