Newspaper article THE JOURNAL RECORD

General Motors Still Ranks Largest of U.S. Companies

Newspaper article THE JOURNAL RECORD

General Motors Still Ranks Largest of U.S. Companies

Article excerpt


NEW YORK (AP) - The recession dogged the nation's biggest companies last year, but General Motors Corp. stayed No. 1 despite $2 billion in losses, Fortune magazine said Monday in its annual list of 500 top corporations.

A competing ranking by Forbes magazine of what it calls the ``most powerful'' American companies ignored GM entirely because the automake The weakened economy was the dominant theme in the rankings. Fortune said half of the 50 largest industrial companies on its list lost money or earned less. Overall, Fortune 500 profits fell 11.7 percent, even though sales rose 6.4 percent.

There were three Oklahoma-based companies on the Fortune list:

- Phillips Petroleum Co., Bartlesville, was ranked 27th, up from 30th in 1989, with sales of $14.032 billion.

- Kerr-McGee Corp., Oklahoma City, was 129th, up from 144th, with sales $3.781 billion.

- Mapco Inc., Tulsa, was 165thm up from 209th, with sales of $2.708 billion.

There were no companies from Oklahoma on the Forbes list.

GM, with over $126 billion in revenues, retained the top spot on the Fotrune list despite a 0.8 percent drop in sales. Ford Motor Co. slipped to No. 3 and Chrysler Corp. tumbled three spots to No. 11, reflecting a sour performance by the auto industry.

Fortune bases its list on total sales and rates only industrial companies. The magazine also compiles separate rankings of the companies by profits, assets, stockholder equity and other financial indicators.

Exxon Corp. rose to second place in sales on the Fortune list. Completing the top 10 were International Business Machines Corp., Mobil Corp., General Electric Co., Philip Morris Cos., Texaco Inc., DuPont and Chevron Corp.

Forbes also ranks 500 companies by sales, profits, assets and market value. To distinguish itself from Fortune, it does a composite ranking across all categories to determine the ``Super 50.''

On the composite list, General Electric Co. replaced GM as Forbes' ``most powerful'' company, followed by Exxon, IBM, Philip Morris, American Telephone & Telegraph Co., Mobil, Chevron, DuPont, Ford and Amoco Corp.

AT&T was not on Fortune's list because it is not an industrial company. The Forbes list includes service companies, retailers, financial institutions and utilities in addition to manufacturers.

The lists showed how the recession touched major sectors of the economy. …

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