ST. LOUIS, Mo. — Graybar reported the company’s 2020 business results.
For the year, Graybar’s net sales totaled $7.3 billion, a 3.4 percent decrease compared to 2019. The company’s income from operations was $224.8 million, an increase of 0.5 percent. Net income attributable to Graybar was $121.8 million, a 15.7 percent decrease from the previous year. This decrease was primarily due to a non-cash pension settlement charge of $27.7 million that the company recognized in 2020.
“I am extremely proud of the way Graybar employees rose to the challenge in 2020. With remarkable teamwork and resilience, our employees moved our company forward, while caring for our customers, our communities and each other,” said Graybar’s Chairman, President and CEO Kathleen M. Mazzarella. “Thanks to their extraordinary efforts, along with effective management of our business, Graybar finished the year in a strong financial position and continued investing in strategic priorities that will drive our long-term success.”
Tagged with Biggest News, financial results, Graybar
Kathy Mazzarella is the woman in the industry that I admire most. She started out working the counter/warehouse and worked her own way up to President and CEO of the country’s largest electrical distributor. Quite an accomplishment to reach in what is still a male dominate industry. Hats off Kathy.