ST. LOUIS — Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it surpassed $3 billion in quarterly net sales for the first time in company history.
Graybar’s net sales for the second quarter of this year set a new quarterly record of $3.0 billion, an increase of 7.6% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $110.4 million, an 11.1% decrease from the second quarter of 2023.
For the first half of 2024, the company reported net sales of $5.7 billion, a 5.0% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2024 decreased 13.4% to $215.6 million. The decrease in net income for three and six months ended June 30, 2024 was due in part to the company’s investments in Graybar Connect, its multi-year, strategic business transformation project.
“We continue to achieve positive results thanks to the hard work and dedication of our employees,” said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. “As we serve our customers today, we are making investments that will help us achieve long-term success in a rapidly changing world. This strategic and balanced approach positions Graybar as a resilient, forward-thinking company that can anticipate market changes, lead with innovation, and deliver enhanced value to our stakeholders for years to come.”
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