NEW YORK – The two Rhode Island-based companies with enough revenue to be on the annual Fortune 500 list this year both improved their standing.
The annual list ranks the highest-revenue American companies.
At position No. 19, Woonsocket-based CVS Caremark Corp.’s 2008 revenue was $87.47 billion, with net income of $3.21 billion, an increase of 21.8 percent. The company had been at position No. 24 in 2008’s list.
Providence-based Textron Corp.’s revenue last year was $14.81 billion, putting it at No. 173, an improvement from No. 202 in 2008. However, Textron’s profit fell 47 percent, to $486.0 million.
A number of companies with significant Rhode Island and Bristol Co., Mass., operations also made the list, including:
• Bank of America Corp., which fell out of the top 10 to No. 11 (from No. 9) on the list with $113.1 billion in revenue for 2008 and net income of $4.01 billion, a decrease of 73.2 percent.
• MetLife, which improved four places to No. 39, with revenue of $55.08 billion and profit of $3.21 billion.
• Raytheon, at No. 108 (a gain of four places), with 2008 revenue of $23.17 billion and net income of $1.67 billion.
• Amgen, which moved up the rankings by five spots to No. 168. Its revenue totaled $15.0 billion, with profit of $4.2 billion.
• Fortune Brands (with its golf division headquartered in Fairhaven) fell to No. 351 from No. 311, with net income of $311.1 million on revenue of $7.1 billion.
• Also, for the second consecutive year, CB Richard Ellis Group Inc., the Los Angeles-based commercial real estate giant that has a Providence office, made it on the list. Last year was CBRE’s first year listed on the Fortune 500, with the company earning the No. 404 position. But this year CBRE fell to position No. 464, as revenue fell by 15 percent to $5.13 billion and the company posted a loss of $1.01 billion, compared with a profit of $390.5 billion last year.
Four other Rhode Island-based companies made the Fortune 1000 list: Hasbro was at No. 552; United Natural Foods, No. 634; FM Global, No. 766; and NTK Holdings, No. 815, after not making the list last year.
Additional information about the 2009 Fortune 100, 500 and 1000 – including the name and annual revenue of each listed company – can be found at Fortune Magazine.
