Fortune 500 List: Some New CT Triumphs And an OUTRAGE

by Categorized: Economic Development, Management Date:

The Fortune 500 list for 2013 is out, and the ranking of publicly traded U.S. companies by total sales contains two new triumphs for Connecticut and one outrage.

In all, Connecticut has 16 companies on the list, our largest total in recent years, led, as always, by General Electric, the nation’s biggest industrial company. The Fairfield giant is No. 8 with $147 billion in sales last year, down from No. 6 in 2012.

United Technologies comes in at No. 50, which is down from its usual perch in the 40s, even though the Hartford-based industrial grew to $59.8 billion.

The triumphs, for two different reasons, are Priceline.com and Charter Communications. But let’s get the outrage out of the way first.

Northeast Utilities, a Connecticut stalwart for years, which fell off Fortune 500 in 2012 because of its size, is back at the No. 402 spot — in Massachusetts.  Recall, NU merged with Boston-based NSTAR in April, 2012, giving it plenty of size to rejoin the list, with joint headquarters in Boston and Hartford.

So why does Massachusetts get the nod from Fortune? It was NU that bought NSTAR, technically, so we should prevail based on the famous business concept of first dibs.  As it turns out, NU for years has had its official, legal address in Springfield, Mass. for some goofy reason. This year, that’s the headquarters location the map-makers at Fortune used in their list — even though they gave NU a Berlin, Conn. address in years past.

We appeal, and we move on to the good news: Priceline.com, homegrown in Norwalk, has expanded its way onto the list at No. 473, with a stunning $5.3 billion in revenues. Five years ago the travel services company wasn’t even in the Fortune list of the 1,000 biggest U.S. corporations, then it emerged at No. 931 in 2009, with $1.9 billion in sales.

The really good news for Priceline.com is that it had profits of $1.4 billion last year, one of the highest totals of any company in the last 100 on the fortune list.

Also joining the Connecticut list is Charter Communications, the cable TV company that moved its headquarters from St. Louis to Stamford after cutting a deal with the state. Charter promised to bring at least 200 jobs and invest at least $25 million in exchange for millions in low-rate loans, from Gov. Dannel P. Malloy, in the Next Five program.

Charter comes in at No. 340, with $7.5 billion in sales, up from No. 351 on the 2012 list, when it was in Missouri.

Hey, checkbook economic development counts.  Connecticut is, after all, a capital of corporate headquarters. The other Connecticut company that joined the list by way of the Next Five program was Cigna, in 2012 — but that’s different since the Bloomfield health insurer already had thousands of employees here and was likely to move its head office from Philadelphia anyway.

Looking at the 16 companies in Connecticut, we see about six that have only a head office here, no major operations — led by Xerox, the $22.4 billion document and information company, in Norwalk, at No. 131.

On the overall list, Wal-Mart Stores ($469 billion) edged back ahead of Exxon Mobil ($450 billion) but Exxon is far more profitable, with $44.9 billion in net income, compared with $17 billion at Wal-Mart.

Travelers Cos., No. 116 on the list, is a New York company in name only, with its biggest operations in the Insurance Capital, but fair is fair, if we get Xerox, they get Travelers.

The Connecticut companies on the list, with 2012 sales in billions:

8   General Electric, Fairfield, $147 B

50 United Technologies, Hartford, $59.8 B

84 Aetna, Hartford, $36.6 B

103 Cigna, Bloomfield, 29.1 B

112 The Hartford Financial Services Group, Hartford,  26.4 B

131 Xerox, Norwalk,  22.4 B

241 Praxair, Danbury, 11.2 B

245 Stanley Black & Decker, New Britain, 11.1 B

340 Charter Communications, Stamford,  7.5 B

351 Terex, Westport, 7.3 B

399 EMCOR Group, Norwalk,  6.3 B

400 Starwood Hotels & Resorts, Stamford, 6.3 B

438 W.R. Berkley, Greenwich, 5.8 B

473 Priceline.com, Norwalk, 5.3 B

489 Pitney Bowes, Stamford, $5 B

492 Frontier Communications, $5 B

 

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9 thoughts on “Fortune 500 List: Some New CT Triumphs And an OUTRAGE

  1. Time for Change!

    Connecticut has all of 16 while Texas is home to 51 Fortune 500 companies, but these liberals around here like to berate Texas as being some sort of 3rd rate state when they are the home to more than 3 times as many Fortune 500 companies, and probably soon to be home to many gun manufacturers that once called Connecticut home.

    1. mc

      Texas:
      26 million people people
      268,581 square miles

      Connecticut:
      3.5 million people
      5,543 square miles

      There may be 3 times as many Fortune 500 companies, but the state is approximately 48 times larger than Connecticut.

  2. T D

    Texas had ten times the population, to be equal to Connecticut it would have to have 160.

    1. Time for Change!

      At the rate people are fleeing these socialist states and flocking to Texas for individual liberty, they will probably soon have 20 times the population of Connecticut! In the last census they had to add 4 Congressional Districts at the same time that Connecticut lost one due to its shrinking population caused by the people fleeing like rats jumping off a sinking ship running from the radical socialists who are ruining our state!

      1. mc

        Connecticut has its problems but you guys spewing hatred and screaming about liberals and radical socialists are just plain crazy. Please leave the state.

        1. Be careful what you wish for

          Another member of the party of tolerance heard from.

          I will be leaving when I am able and taking my nest egg with me. You socialist dimwits can tax someone else to death.

      2. mc

        Uh, they already have more than 20 times the population of Connecticut. Could you two ding dongs please leave already! There are a lot more jobs for the lesser educated down there.

        1. Time for Change!

          That’s why Obama just had to go to Texas to preach success for his economy, because it was the only state where he could find an audience of people who actually had jobs (Texas unemployment is less than 5%) while the rest of the country continues to suffer under the Obama/Pelosi/Reid brand of socialism.

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