Health-care distributor Henry Schein Inc. was Long Island’s largest public company by revenue with $10.6 billion in 2015 sales, according to Newsday’s annual listing of the top public companies based here.
The Melville company reported the second largest profit, at $479 million, behind No. 1 Kimco Realty Corp., the New Hyde Park shopping center real estate investment trust, whose $894.1 million in net income in 2015 was more than double the prior year’s profit. Revenue, or sales, measures a company’s “top line,” while net income, or profit, measures what the company keeps after expenses.
Among the 25 largest Long Island companies by sales, all of which had revenue of $99 million or more in 2015, Edgewood-based defense contractor CPI Aerostructures Inc. reported the fastest year-over-year revenue growth with a 152.5 percent increase to $100.2 million.
The data on Long Island’s largest public companies was calculated by S&P Global Market Intelligence, a New York-based financial data and research firm.
The top 25 company with the biggest year-over-year profit increase was Garden City-based Lifetime Brands Inc. The provider of kitchen tools sold under the Farberware, KitchenAid, Mikasa and Pfaltzgraff brands had an almost sevenfold increase in profit, to $12.3 million.
Henry Schein was the largest local public company in stock market capitalization ($14.1 billion) and total employees (19,000), and it ranked No. 268 on the Fortune 500.
Steven Paladino, Henry Schein chief financial officer, said digital technologies, aging baby boomers and increased emphasis on prevention and wellness are converging to create opportunities for the supplier of dental, medical and animal health products to practitioners’ offices.
Repeating as the second-largest company by revenue, at $6.5 billion, was Cablevision Systems Corp., the Bethpage-based cable operator that acquired Newsday in 2008.
In June, Netherlands-based telecom giant Altice N.V. completed its $17.7 billion purchase of Cablevision. Two weeks later, News 12 Networks President Patrick Dolan bought a 75 percent stake in the Newsday Media Group from Altice, which retained a 25 percent position.
Rounding out the top 10 revenue producers, all of which notched at least $1 billion in sales, were: No. 3 MSC Industrial Direct Co. Inc.; Broadridge Financial Solutions Inc.; The Hain Celestial Group Inc.; New York Community Bancorp Inc.; Systemax Inc.; Kimco Realty Corp.; Verint Systems Inc., and 1-800-Flowers.com Inc.
Hofstra University finance professor Ahmet K. Karagozoglu said that large companies can have a significant “multiplier effect” on the Long Island economy depending on the number of jobs based locally, the salary levels paid, and the goods and services the corporations purchase from local suppliers.
Some of the largest public companies headquartered on the Island in 2014 dropped off the 2015 list. Pall Corp. and Dealertrack Technologies Inc. fell off the list after they were acquired by Washington, D.C.-based Danaher Corp. and Atlanta-based Cox Enterprises Inc., respectively, in 2015. And Voxx International Corp. exited the 2015 list because it moved its headquarters to Orlando, Florida.
The combined revenue of Pall, Dealtertrack and Voxx was $4.4 billion in fiscal 2014, amounting to 10.7 percent of that year’s top 25.
Kevin Law, chief executive of business advocacy group the Long Island Association, said that mergers and acquisitions are a part of operating in a global economy, but there can be a cost.
“When the headquarters [of companies] are no longer here on Long Island . . . it does have ramifications for us,” he said. “We become vulnerable to job losses because of the high cost of doing business” here.
Average revenue for Long Island’s top 25 public companies fell from $1.6 billion in 2014 to $1.5 billion in 2015, in large part because of the companies that moved or were bought.