Business

Here's how Charlotte fared in the latest Fortune 500 list

The Charlotte skyline is changing rapidly.
The Charlotte skyline is changing rapidly. jsiner@charlotteobserver.com

Six companies based in the Charlotte area made the latest Fortune 500 list — the same number as last year, although half have fallen down the list.

The Fortune 500 ranks the largest public and private companies in the United States by total revenue. Here are the local companies that made the 2018 rankings released this week:

Bank of America, No. 24.

Lowe’s Cos., No. 40.

Duke Energy, No. 125.

Nucor, No. 151.

Sonic Automotive, No. 298.

Sealed Air, No. 456.

Bank of America bumped two spots up the list and remains Charlotte’s highest ranked company. Total revenue for the year grew 7 percent, aided by higher interest rates and a looser regulatory environment.

Another well-performing company, Nucor, jumped up 18 spots from No. 169 last year. The steel manufacturer has been benefiting from a growing economy and has been a backer of President Donald Trump's trade policy. Lowe’s, the home improvement retailer based in Mooresville, stayed put at No. 40 after a year in which it cut jobs and made leadership changes.

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The other three companies ranked lower on the list. Duke Energy fell four spots to No. 125 after a slight 0.8 percent decrease in revenue. Despite a 1.4 percent increase in revenue, automotive retailer Sonic Automotive was bumped down 11 spots to No. 298.

Sealed Air fell the most, down 59 spots, but managed to stay on the list at No. 456. The food packaging product company spun off about a third of the company this past year, after relocating to Charlotte from New Jersey.

The number of Fortune 500 companies in the Charlotte area has been falling for a decade, since nine companies made the list in 2007. This is mostly due to acquisitions and spinoffs.

It isn’t necessarily a bad economic omen for Charlotte. More than half of all Fortune 500 companies have a presence in the Charlotte area, and several are planning to expand, the Charlotte Chamber has said. Six Fortune 500 companies is still a relatively high number — Raleigh has just one.

Domtar, a paper company located just over the border in Fort Mill, S.C., missed the cutoff at No. 517 despite a 1.2 increase in revenue. The company was bumped off the list last year to No. 505.

Other large companies based in Charlotte — such as Jeld-Wen Holding and Albemarle — have hundreds of spots to rise before they make the list.


Correction

An earlier version of this story included incorrect rankings. Nucor was No. 151 and Sonic Automotive 298 in the latest Fortune 500 list.

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