These Are The Ten Most Profitable Companies In North Carolina

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These Are The Ten Most Profitable Companies In North Carolina
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North Carolina is among the top states in terms of GDP size. Its economy has witnessed drastic changes in the past two centuries. During the 1700s and 1800s, as well as early 1900s, its economy was primarily based on the growing of tobacco. Though tobacco growing is still an important part of North Carolina’s economy, it has largely been overshadowed by other industries and services. Health care and social assistance, Retail trade and Professional services are the top three employment sectors in the state. Moreover, Charlotte is now the second biggest banking center in the country. Let’s take a look at the ten most profitable companies in North Carolina.

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Ten Most Profitable Companies In North Carolina

We have used the latest available profit figures to rank the ten most profitable companies in North Carolina. Following are the ten most profitable companies in North Carolina:

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  1. Hanesbrands ($600 million)

Founded in 1901, it is a consumer goods company that designs, makes and sells everyday basic innerwear and activewear apparel. Hanesbrands has three business segments: Innerwear, Activewear, and International. The company reported revenue of $6.66 billion in 2020, down from $6.97 billion in 2019. Its shares are down more than 13% in the last three months, but are up over 25% YTD. Hanesbrands has its headquarters in Winston-Salem, N.C.

  1. Martin Marietta Materials ($611 million)

Founded in 1993, this company deals in crushed stone, sand, and gravel. Martin Marietta has the following business segments: Southeast Group, West Group and Mid-America Group. The company reported revenue of $4.73 billion in 2020, down from $4.74 billion in 2019. Its shares are up more than 2% in the last three months, and over 25% YTD. Martin Marietta Materials is headquartered in Raleigh, N.C.

  1. Old Dominion Freight Line ($615 million)

Founded in 1934, this company offers ground and air expedited transportation, as well as consumer household pickup and delivery services. The services that it offers include supply chain consulting, container drayage, truckload brokerage and more. The company reported revenue of $4.02 billion in 2020, down from $4.11 billion in 2019. Its shares are up more than 4% in the last three months, and over 35% YTD.

  1. Laboratory Corp. of America ($823 million)

Founded in 1995, it is a life sciences company that deals in offering vital information to health professionals to help them make better decisions. It has two business segments: Drug Development and Diagnostics segments. The company reported revenue of $13.98 billion in 2020, up from $11.55 billion in 2019. Its shares are up more than 11% in the last three months, and over 45% YTD.

  1. Nucor ($1,271 million)

Founded in 1905, this company makes steel and steel products, and has the following business segments: Steel Products, Raw Materials and Steel Mills. The company reported revenue of $20.14 billion in 2020, down from $22.59 billion in 2019. Its shares are up more than 25% in the last three months, and over 95% YTD. Nucor has its headquarters in Charlotte, N.C.

  1. Truist Financial ($3,224 million)

Founded in 2019, it is a holding company that offers banking services to individuals, businesses and municipalities. Truist Financial has the following business segments: Insurance Holding; Consumer Banking and Wealth; and Corporate and Commercial Banking. The company reported revenue of $15.55 billion in 2020, up from $9.41 billion in 2019. Its shares are down more than 8% in the last three months, but are up over 13% YTD.

  1. Duke Energy ($3,748 million)

Founded in 1904, this company deals in the distribution of natural gas and energy related services. Duke Energy has the following business segments: Commercial Renewables; Gas Utilities and Infrastructure; and Electric Utilities and Infrastructure. The company reported revenue of $23.87 billion in 2020, down from $25.08 billion in 2019. Its shares are up more than 4% in the last three months, and over 14% YTD.

  1. Lowe’s ($4,281 million)

Founded in 1946, this company sells home improvement products. Lowe’s offers products for remodeling, maintenance, home decorating, repair and property maintenance. The company reported revenue of $32.64 billion in 2020, down from $36.71 billion in 2019. Its shares are down more than 1% in the last three months, but are up over 20% YTD. Lowe’s is headquartered in Mooresville, N.C.

  1. Honeywell International ($6,143 million)

Founded in 1906, it is an industrial software company that provides industry specific solutions to the automotive and aerospace industries. Honeywell specializes in specialty chemicals; turbochargers control, sensing and security technologies; electronic and advanced materials and more. The company reported revenue of $32.64 billion in 2020, down from $36.71 billion in 2019. Its shares are up more than 4% in the last three months, and over 26% YTD.

  1. Bank of America ($27,430 million)

Founded in 1904, it is a bank and financial holding company that offers banking and nonbank financial services. Bank of America has the following business segments; Global Banking, Consumer Banking, Global Markets, Global Wealth and Investment Management, and All Other. The company reported interest of income of $51.59 billion in 2020, down from $71.24 billion in 2019. Its shares are down over 5% in the last three months, but are up over 26% YTD.

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