Wal-Mart remains atop Fortune 500 list

David Russell

Monday, March 22, 2004 | 9:28 a.m.

Three Nevada companies, all Las Vegas-based casino resort operators, are on the Fortune 500 list. The companies, their ranking and 2003 revenue:

373. Caesars Entertainment, $4.669 billion

400. Harrah's Entertainment, $4.364 billion

419. MGM MIRAGE, $4.140 billion

Wal-Mart Stores Inc., the world's largest retailer, led Fortune Magazine's list of the 500 biggest U.S. businesses for the third year.

The list was released Sunday. Wal-Mart, with $258.7 billion in revenue, first joined the ranking at No. 4 in 1995 when Fortune combined a list of industrial companies and services providers. Exxon Mobil Corp., the world's largest publicly traded oil company, is No. 2 on the list this year, followed by General Motors Corp., the biggest automaker, Fortune said on its Web site.

Wal-Mart, Exxon Mobil and General Motors are the only three companies to lead the ranking in the 50-year history of the list. The list, based on publicly available financial reports filed with the government, doesn't include some closely held companies such as Cargill Inc., Fortune spokeswoman Jenny Parker said.

Exxon Mobil, bolstered by high oil prices, earned about $21.5 billion to be the most profitable company in the ranking. Thirty-four of the 39 industries tracked by Fortune had profit growth last year. Members of the Fortune 500 list had record revenue of $7.5 trillion and record profit of $445.6 billion last year, Fortune said.

Ford Motor Co., the second-biggest North American automaker, remains fourth on the Fortune 500 list, followed by General Electric Co., which maintains its No. 5 spot.

Medco Health Solutions Inc., the pharmacy benefits manager spun off from Merck & Co. in August, was the only company to join the list in the top 100, coming in at No. 41. Merck, the second- biggest U.S. drugmaker, fell to No. 83 on the list from the 17th spot.

Freddie Mac, the second-biggest purchaser of U.S. mortgages, was removed from the list after its 2003 annual report was delayed because the company restated earnings from previous years. Freddie Mac was No. 32 on the Fortune 500 list last year.

Other companies exiting the list include closely held Ace Hardware and Fleming Cos., the food distributor that filed for bankruptcy protection. This year's Fortune 500 list appears in the magazine's April 5 issue.