Boeing Ranks No. 28 on the 2007 Fortune 500

NEW YORK (Fortune) -- Boeing (BA (Charts, Fortune 500)) ranks no. 28 on FORTUNE's list of America's largest corporations.

The Chicago, IL-based company was ranked No. 26 on the 2006 list. Its 2006 revenues were up 12.2 percent from the previous year; profits were down 13.9 percent from the previous year.

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Other companies in the Aerospace and Defense sector on this year's Fortune 500 include: United Technologies (UTX (Charts, Fortune 500)) ranked No. 42; Lockheed Martin (LMT (Charts, Fortune 500)) ranked No. 57; Honeywell Intl. (HON (Charts, Fortune 500)) ranked No. 69; Northrop Grumman (NOC (Charts, Fortune 500)) ranked No. 73 and General Dynamics (GD (Charts, Fortune 500)) ranked No. 92.

Last year, Fortune 500 firms, which cover a large swath of the U.S. economy including 31 non-public companies, earned a record $785 billion, up 29 percent from 2005. "Put simply, American companies are enjoying the most sumptuously profitable period in the 500's 53-year history," said Shawn Tully, Fortune's editor at large. "Virtually every conceivable force, from mild labor costs to a falling dollar to soaring productivity, has favored big companies."

The Fortune 500 ranks companies based on revenues. New York boasts the most Fortune 500 firms this year with 57 companies, while Texas and California took the No. 2 and 3 spots, with 45 and 22 headquarters respectively.