We recently compiled a list of the 20 Largest Publicly Traded Industrial Companies In The US and in this article, we will be looking at the largest industrial company in the US.
Manufacturing In the US: At A Glance
The manufacturing sector is a strong pillar of the US economy. According to the data from the Bureau of Economic Analysis, in the fourth quarter of 2023, the manufacturing industry made up 10.3% of the total economic output or GDP in the US. The large share corresponds to almost $2.8 trillion in nominal added value. In terms of real value, Industrials as a sector in the US surged almost 8.5%. The increase corresponded to the 0.85% contribution to the GDP during this time.
Factors including softening demand for goods and higher borrowing costs and interest rates caused a slump in production at the US factories during March and April of 2024. However, the momentum is getting restored reflected in the latest numbers published by the Federal Reserve. On June 18, the Federal Reserve reported that industrial production increased 0.9% in May. Manufacturing output also experienced a 0.9% increase in May after going through a decline during the previous two months. The total industrial production in May was 0.4% higher than its year-earlier level. Capacity utilization moved up to 78.7% in May compared to 78.2% in April. In May, market gains were widespread: consumer goods rose 1.3%, business equipment 0.2%, defense and space equipment 1.0%, and materials 0.8%. Durable goods surged 0.6% and nondurables increased by 1.1%. The indexes for wood products, machinery, and computer and electronic products saw the largest increases, rising by 2.6%, 2.3%, and 0.8%, respectively.
One of the Top Industrial Companies in the US
GE Aerospace (NYSE:GE), formerly General Electric Company, is one of the biggest industrial companies in the US. General Electric recently completed the spin-offs of its businesses. It launched GE Aerospace (NYSE:GE) and GE Vernova (NYSE:GEV) as independent companies, which are now traded publicly in addition to GE Healthcare (NASDAQ:GEHC), which was listed back in January 2023. The company has an installed base of almost 44,000 commercial engines and 26,000 military and defense engines across the globe. In 2023, the company generated $32 billion in adjusted revenue. Almost 70% of the generated revenue came from the services rendered by the company in engine aftermarket. The company has approximately 52,000 employees working globally.
In the latest earnings call in April, the Chairman and CEO, Larry Culp, said that the company is raising its full-year operating profit guidance and is poised to achieve a $10 billion operating profit target by 2028. It aims to attain its goal using a proprietary lean operating model called FLIGHT DECK. The model is designed to drive focused execution and deliver unmatched value for the public company.
FLIGHT DECK enhances business operations by prioritizing customer-centric outcomes. It is also a signficant approach to combat material availability challenges the company faces. The company traced 80% of the delivery challenges to 15 supplier sites. It is leveraging FLIGHT DECK and working directly with the suppliers to identify and remove constraints. This strategy enabled the company to increase output by more than 25% at one of its Tier 1 suppliers.
On March 12, GE Aerospace (NYSE:GE) announced its plans to invest $650 million in 2024 to enhance its manufacturing facilities and supply chain. The investment aims to support both commercial and defense sectors. It entails $450 million for upgrades and new equipment across 22 US facilities and $100 million for US-based suppliers. An additional $100 million will be invested internationally.
Now let’s have a look at the 20 largest industrial companies in the US. You can also check out the 20 Cities with the Highest Average IQ in the US and 30 Wealthiest People in Hong Kong.
A landscape of a large paper mill at sunrise, a sign of the size and importance of the industry.
Our Methodology
To make our list of the largest publicly traded industrial companies in the US, we reviewed several sources, including industry reports, our rankings, and multiple similar rankings. We also scanned the Finviz and Yahoo Finance stock screeners. We then checked each company’s market capitalization on Yahoo Finance. Our list is in ascending order of market caps as of June 23.
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The Largest Publicly Traded Industrial Company In The US
1. GE Aerospace (NYSE:GE)
Market Capitalization as of June 23: $179.78 Billion
The company was originally founded as General Electric Co. in 1892 and is headquartered in Boston, Massachusetts. The company has completed its transition to GE Aerospace (NYSE:GE), after spinning off other dominant business segments, energy and healthcare, into GE Vernova (NYSE:GEV) and GE Healthcare (NASDAQ:GEHC) respectively. GE Aerospace has an installed base of approximately 44,000 commercial and 26,000 military aircraft engines. It is the largest industrial company in the US. As of June 23, GE Aerospace (NYSE:GE) has a market capitalization of $179.78 billion.
Curious to learn what are the other largest industrial companies in the US? Check out the report on the 20 Largest Publicly Traded Industrial Companies In The US.
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