Special Report

America's 10 Fastest Shrinking Companies

4. Marathon Oil
> 10-year change in revenue: -60%
> Revenue (last fiscal year): $14.6 billion

Texas exploration and production giant Marathon Oil’s revenue dropped from $36.7 billion in 2003 to $14.6 billion last year. In between, revenue hit a high of more than $77 billion in 2008 as oil prices soared. Of this, $12 billion came from exploration and production, while more than $64 billion came from refining, marketing and transportation. In 2011, Marathon Oil Corp. (NYSE: MRO) spun out its downstream refining, market and transportation business, now called Marathon Petroleum Corporation, into its own public company. The spinoff resulted in the loss of the bulk of Marathon Oil’s revenue. The newly spun off Marathon Petroleum reported revenue of nearly $94 billion in 2013. By contrast, Marathon Oil reported less than $15 billion in revenue.

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3. Motorola Solutions
> 10-year change in revenue: -62%
> Revenue (last fiscal year): $8.7 billion

While Motorola has been lost sales over the past decade, much of this decline came when it split its operations into two separate businesses in 2011. The company’s phone and consumer products businesses was named Motorola Mobility, while Motorola, Inc., which focused on providing communications equipment and services to businesses and governments, changed its name to Motorola Solutions. Google acquired Motorola Mobility that same year for $12.5 billion, but sold it earlier this year to Lenovo. Without the struggling home products and mobile devices businesses, Motorola Solutions has experienced solid earnings growth. Motorola Solutions Inc. (NYSE:MSI) is likely not done shrinking. In April, the company announced it would sell its enterprise solutions business, which accounted for about $2.7 billion, or roughly 36%, of Motorola’s $8.7 billion in sales in 2013, in order to concentrate on its government services business.

2. Tyco International
> 10-year change in revenue: -69%
> Revenue (last fiscal year): $10.6 billion

Scandal rocked conglomerate Tyco in the early 2000s, leading to the convictions of CEO Dennis Kozlowski and CFO Mark Swartz in 2005 for stealing money from the company. In the years that followed, Tyco has split up its business several times. In July 2007, the company spun off its healthcare and electronics businesses into two new companies, Covidien and Tyco Electronics — now called TE Connectivity. In September 2011, the company announced a further split, this time spinning off its ADT home security and its flow-control, or valve making, businesses. Currently, Tyco International Ltd. (NYSE: TYC) provides security and fire safety products and services, including alarms and sprinklers, to homes and businesses. While Tyco’s revenue declined by 69% between its 2003 and 2013 fiscal years, former CEO Ed Breen has been praised for his work in turning around the company.

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1. Altria Group
> 10-year change in revenue: -71%
> Revenue (last fiscal year): $17.7 billion

Perhaps no company has evolved as much as Altria Inc. (NYSE:MO) has in recent years. Beginning in 2002, Altria, then called Philip Morris, spun off much of its stake in the Miller Brewing Company, which is now part of SABMiller. While Altria still held a 26.8% stake in SABMiller at the end of last year, it no longer records sales of beer as part of its revenue. Altria’s spinoffs continued as the decade progressed. In 2007, Altria spun off Kraft Foods, which itself split into two companies in 2012. The year after selling Kraft, Altria shrank again, this time spinning off its international cigarette operations into a separate publicly-traded company, Philip Morris International (NYSE: PMI). In addition to the spinoffs, revenue from smokeable products has been relatively flat in recent years. Despite this, cigarettes continue to help the company drive massive profits and cash flow year-in and year-out.

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