GM, Ford rise in Fortune 500 rankings
Two Detroit 3 automakers are among the top 10 in Fortune magazine's ranking of the 500 largest U.S. companies released today. More than 23 auto-related companies made the list.
General Motors ranked No. 5, up from No. 8 last year, while Ford Motor Co. ranked No. 9, up from No. 10 in 2011, according to the list that ranks companies based on annual revenue.
Chrysler Group did not appear on the list because it is controlled by Fiat S.p.A. of Italy.
The top-ranked auto supplier on the list was Johnson Controls Inc. at No. 67, up from No. 76 last year. AutoNation Inc. was the highest ranked dealership group at No. 197, unchanged from last year.
Automotive financier Ally Financial, the former GMAC, ranked No. 201 on the list, down from No. 149.
Fortune noted that 2011 revenue at GM increased 11 percent from 2010 to $150.3 billion.
Ford's 2011 revenue increased 6 percent from 2010 to $136.3 billion, the magazine said.
In an introduction to the list, Fortune's editor-at-large, Shawn Tully, credited GM's success to the automaker's higher sales and lower costs.
"GM has introduced a fleet of briskly selling models since late 2010, led by the compact Chevy Cruze and the subcompact Sonic," Tully wrote. "Since emerging from bankruptcy in 2009, GM has also curbed costs to the point where it makes money when the U.S. car market reaches 10.5 million units. That's a remarkable 5 million units below GM's old profitability threshold."
The magazine echoed other national praise for Ford's turnaround and credited CEO Alan Mulally.
"The company's stock has resumed paying a dividend during Mulally's tenure and, more importantly, the firm is pumping out lust-worthy cars again. Profits jumped 208 percent last year -- growth in league with the world's oil and tech giants, not other car makers," the magazine said.
The 500 U.S. companies ranked this year employ 17 million Americans and 25.8 million people worldwide, and had a combined $824.5 billion in profits during 2011, up 16 percent from the previous year, the magazine said in a statement.
The full list of companies -- topped by petroleum giant Exxon-Mobil -- can be found on Fortune's Web site.
You can reach Adam Rubenfire at firstname.lastname@example.org.