(Photo By Flickr User State Farm)
It was a mixed year for area companies in the newly released 2017 Fortune 500 list of major world corporations.
Caterpillar fell from 59th to 74th place since last year in Fortune’s estimation. The magazine cited an 18 percent decline in sales from 2015 due to weak oil and gas drilling equipment demand, enough to drive Big Yellow down 20 places. However, Fortune opted to soften the blow a bit, citing a 15 percent increase in stock prices this year and a potential boon for the company if President Donald Trump’s infrastructure bill clears Congress.
State Farm rose to 33rd place from last year’s 35th, largely due to the Bloomington-based insurer’s slight revenue increase. However, the magazine said the company’s net income fell to just $400 million last year due to auto insurance claims, down from the previous year’s $6.2 billion.
Chicago-based agricultural company Archer Daniels Midland slid to 45th place from last year’s 41st due to recent grain surpluses and struggles in the commodities markets. Agricultural equipment manufacturer John Deere of Moline fell to 105th place from last year’s 97th.
(Information Courtesy Of WEEK-TV)
