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Two Alabama companies make Fortune 500

Vulcan Materials Company earned $302 million in profit during quarter 1.


Birmingham-based Vulcan Materials Company and Regions Financial Corporation were included in the 2023 Fortune 500 ranking, released on June 5.

The annual ranking of the largest U.S. corporations based on revenue put Vulcan Materials at 494 in its first year on the list.

“At Vulcan Materials Company we are committed to operating The Vulcan Way — doing the right thing, the right way, at the right time,” Chairman and CEO Tom Hill said. “These recognitions are a credit to our employees who work each day to deliver value to our customers, communities, and shareholders.”

Vulcan Materials Company earned $302 million in profit during quarter 1 of 2023, and total revenue was 1.6 billion. They are the nation’s largest producer of construction aggregates like sand, gravel, and concrete. They employ over 11,000 people.

“The powerful combination of our aggregates-led business and our commitment to execute on our strategic disciplines resulted in strong earnings growth in the first quarter,” Hill said. “As we look ahead, we are increasing our full-year earnings outlook to reflect the pricing momentum and solid execution realized in our first quarter results.”

Vulcan Materials Company was also recently named one of the best 200 companies to work for by U.S. News & World Report, which considered benefits, job stability, comfort, career opportunities, and other factors.

Regions Financial Corporation, which has regularly made the list since the late 1990s, was ranked 483, growing from its 489 ranking in 2022. Before the 2008 financial crisis, Regions Bank was in the top 250. Net earnings for Regions totaled $588 million in quarter 1, with total revenue hitting $2 billion. They employ around 20,000 people.

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“Despite the recent turmoil in the industry, we delivered another solid quarter that underscores our commitment to generating consistent, sustainable long-term performance,” John Turner, president and CEO of Regions said. “Even in an uncertain operating environment, executing our strategic plan allows us to be a source of strength for customers and communities while ensuring our focus remains on three primary goals — soundness, profitability, and then growth.”

The 500 companies, led by Walmart for the eleventh year in a row, contribute two-thirds of U.S. GDP with a total $18 trillion in revenue. Though 2022 revenue was 13 percent higher than 2021, profits fell 15 percent.

Samuel Stettheimer is a reporting intern at the Alabama Political Reporter. You can reach him at [email protected].

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