BBJ: T. Rowe Price, McCormick make Fortune 500 list

By Holden Wilen
June 2, 2021

The following is an excerpt from the Baltimore Business Journal article.

For the first time in almost a decade, Greater Baltimore has a presence on the Fortune 500 list of the largest public companies.

Three companies made the list unveiled by Fortune on June 2: T. Rowe Price Group Inc., Sinclair Broadcast Group Inc. and McCormick & Co. Inc. They are the first local companies to make the list since Constellation Energy was bought by Exelon Corp. (NYSE: EXC) in March 2012 for $7.9 billion.

The Fortune 500 list, first introduced in 1955, reflects approximately two-thirds of the U.S. gross domestic product.

With revenue last year of $6.21 billion, Baltimore-based T. Rowe Price (NASDAQ: TROW) ranked No. 447 on the list. The money manager barely missed the cut in 2020, ranking No. 504. Despite the stock market’s crash last spring in the early days of the COVID-19 pandemic, T. Rowe Price ended up having a record year after the financial markets recovered and reached all-time highs.

McCormick (NYSE: MKC) jumped 41 spots to No. 482 with revenue of $5.6 billion. The Hunt Valley-based spice maker has seen sales soar during the pandemic, particularly during the first few months, due to people cooking more at home while they were forced to shelter in place.

Part of McCormick’s business serves the restaurant industry, so even as the economy opens up, the company expects sales to continue to rise. McCormick CEO Lawrence Kurzius has also said many times that the company expects the at-home cooking trend to continue since people are enjoying it and want to eat healthier.

Another major Baltimore-based brand is also on the verge of making it into the Fortune 500 in the next few years. Under Armour (NYSE: UAA) ranked No. 578 with revenue of $4.47 billion last year. After years of decline, the sportswear maker appears to be on an upward trajectory again after posting a 35% increase in sales in the recent first quarter.

In total, Maryland has six companies in the Fortune 500 this year. Lockheed Martin Corp. (NYSE: LMT) continued to lead the way at No. 49. The Bethesda-based defense contracting giant rose eight spots on posted revenue of $65.4 billion.

Read the complete story here.

Source: Baltimore Business Journal