Markel Corp. is headquartered at Innsbrook. Photo by Michael Schwartz.
Richmond almost got its seventh Fortune 500 company in this year’s rankings by Fortune magazine.
Just four spots separated Glen Allen-based insurer Markel Corp. from the list of the top 500 corporations in the country, as ranked by Fortune according to annual revenue from the previous year. The list was published Thursday.
Markel jumped 66 positions this year, from 570 to 504, fueled by an increase in revenue of $5.13 billion, or 18 percent, and an increase in profits of $321 million, or 14 percent.
Richmond’s usual six maintained their presence on the list, as they have since at least 2007: tobacco giant Altria Group, which came in at 169; used car seller CarMax, 232; utility Dominion Resources, 243; insurer Genworth Financial, 304; healthcare wholesaler Owens & Minor, 309; and packaging giant MeadWestvaco, 464.
Among them, only CarMax improved its ranking, from 240 last year to 232 this year, surpassing Dominion as Richmond’s second-highest earner with $13.12 billion in revenue. The power company fell from 212 to 243 this year.
Altria dropped eight spots from its 161 ranking last year. Genworth fell 13 spots from 291 last year.
Altria held its spot as the highest-ranked Richmond company.
Mechanicsville-based Owens & Minor dropped six spots from 303 last year. And MeadWestvaco, which is in the process of merging with fellow packaging firm Rock-Tenn Co., dropped seven spots from 457 last year.
Despite the drop in position, Altria did see positive numbers last fiscal year, according to the rankings. Revenues were up 1 percent to $17.94 billion, and its profits were up 11 percent to $5.07 billion.
Dominion’s revenues were down 7 percent to $12.43 billion. Profits were down 22 percent to $1.31 billion.
Genworth’s revenue remained flat at $9.56 billion, and it had a loss of $1.24 billion, an overall 322 percent drop in profits.
Owens & Minor saw revenues rise 4 percent to $9.44 billion. Profits fell 40 percent to $67 million.
And MeadWestvaco’s revenues were up 1 percent to $5.63 billion, while profits decreased 68 percent to $263 million.
Other Richmond companies that appear in the top 1,000 but did not make the Fortune 500 list include armored car giant Brink’s, which fell from 596 to 654; tobacco company Universal Corp., which fell one spot to 854; and chemicals maker NewMarket, which fell from 894 to 916.
Freddie Mac in McLean ranked highest on the list among companies in the commonwealth. It fell 10 spots from last year to 42 on the list.
Twelve other Virginia companies also made the list, most of them headquartered in Northern Virginia. They include Falls Church-based General Dynamics and Northrop Grumman, which ranked 100 and 124, respectively, and Capital One Financial, headquartered in McLean, which dropped two spots to 126.
Nationally, Walmart, Exxon Mobil, Chevron, Berkshire Hathaway and Apple made up the top five.
Markel Corp. is headquartered at Innsbrook. Photo by Michael Schwartz.
Richmond almost got its seventh Fortune 500 company in this year’s rankings by Fortune magazine.
Just four spots separated Glen Allen-based insurer Markel Corp. from the list of the top 500 corporations in the country, as ranked by Fortune according to annual revenue from the previous year. The list was published Thursday.
Markel jumped 66 positions this year, from 570 to 504, fueled by an increase in revenue of $5.13 billion, or 18 percent, and an increase in profits of $321 million, or 14 percent.
Richmond’s usual six maintained their presence on the list, as they have since at least 2007: tobacco giant Altria Group, which came in at 169; used car seller CarMax, 232; utility Dominion Resources, 243; insurer Genworth Financial, 304; healthcare wholesaler Owens & Minor, 309; and packaging giant MeadWestvaco, 464.
Among them, only CarMax improved its ranking, from 240 last year to 232 this year, surpassing Dominion as Richmond’s second-highest earner with $13.12 billion in revenue. The power company fell from 212 to 243 this year.
Altria dropped eight spots from its 161 ranking last year. Genworth fell 13 spots from 291 last year.
Altria held its spot as the highest-ranked Richmond company.
Mechanicsville-based Owens & Minor dropped six spots from 303 last year. And MeadWestvaco, which is in the process of merging with fellow packaging firm Rock-Tenn Co., dropped seven spots from 457 last year.
Despite the drop in position, Altria did see positive numbers last fiscal year, according to the rankings. Revenues were up 1 percent to $17.94 billion, and its profits were up 11 percent to $5.07 billion.
Dominion’s revenues were down 7 percent to $12.43 billion. Profits were down 22 percent to $1.31 billion.
Genworth’s revenue remained flat at $9.56 billion, and it had a loss of $1.24 billion, an overall 322 percent drop in profits.
Owens & Minor saw revenues rise 4 percent to $9.44 billion. Profits fell 40 percent to $67 million.
And MeadWestvaco’s revenues were up 1 percent to $5.63 billion, while profits decreased 68 percent to $263 million.
Other Richmond companies that appear in the top 1,000 but did not make the Fortune 500 list include armored car giant Brink’s, which fell from 596 to 654; tobacco company Universal Corp., which fell one spot to 854; and chemicals maker NewMarket, which fell from 894 to 916.
Freddie Mac in McLean ranked highest on the list among companies in the commonwealth. It fell 10 spots from last year to 42 on the list.
Twelve other Virginia companies also made the list, most of them headquartered in Northern Virginia. They include Falls Church-based General Dynamics and Northrop Grumman, which ranked 100 and 124, respectively, and Capital One Financial, headquartered in McLean, which dropped two spots to 126.
Nationally, Walmart, Exxon Mobil, Chevron, Berkshire Hathaway and Apple made up the top five.
Actually, I think the list has changed since 2007. I thought Circuit City was a Fortune 500 until its collapse in 2008.
And next year, MeadWestvaco is likely to move way up once it more than doubles its revenue as WestRock, since it’s HQ is set to stay here.