Graybar Announces Record 2024 Financial Results

ST. LOUIS — Graybar has announced its 2024 financial results.

Graybar, which is celebrating its 100th anniversary as an independent company this year, reported a record $11.6 billion in 2024 net sales, an increase of 5.5% over the prior year. The company has achieved record net sales in 12 of the past 13 years, with the exception occurring in 2020 due to the global pandemic.

Graybar reported $423.1 million in net income in 2024, the third-highest net income in the company’s history. Net income declined by 8.7% over 2023, predominantly due to the company’s significant investments in Graybar Connect, a multi-year strategic business transformation project detailed below.

“Graybar’s record sales performance in 2024 demonstrates our ability to deliver continued profitable growth while investing in our future,” said Kathleen M. Mazzarella, chairman, president, and chief executive officer of Graybar. “Employee ownership underpins this long-term mindset and is critical to everything we do. This approach has been a consistent aspect of our culture since Western Electric spun off Graybar as a separate business in 1925. Graybar’s employees purchased the company in 1929, and we have been 100 percent owned by our employees and retirees ever since. At a time when American businesses are frequently bought and sold by investors on public markets, Graybar’s consistent structure stands apart. We do business the right way, deliver on our promises, and always look to leave our company better than we found it.”

During 2024, Graybar invested in its future through several key initiatives, including:

• Invested for profitable, diversified growth through acquisitions, including Blazer Electric Supply, an electrical distributor in Colorado, Dynamic Solutions in California (through subsidiary Valin Corporation), and Power Supply Company in Tennessee (through subsidiary Cape Electrical Supply).
• Invested in advanced technology through Graybar Connect, a multi-year project focused on transforming the company’s technology, data, processes, and organization. After several years of investments, Graybar plans to launch a new core ERP system in 2025. This represents the company’s first major milestone toward reimagining its operating model and process framework. As the new system provides employees with advanced capabilities and analytics, it also sets the stage for future phases of the project, all with the goal of supporting long-term growth, improved profitability, and an enhanced customer and employee experience.
• Invested in the next generation of leaders, with key leadership appointments across its regional business units, as well as Sales, Operations, Strategic Planning, and Customer Experience. The company knows that strong leadership is vital to its long-term success and continues to prepare its managers to step into roles of greater responsibility across the organization.

Mazzarella concluded, “Today’s business environment is more complex and uncertain than ever before. The pace of change continues to accelerate, and sustaining our leadership position requires us to strategically invest in our future through initiatives like Graybar Connect. Graybar’s strong balance sheet gives us the financial flexibility to manage through challenges while we capitalize on opportunities in new markets, new customers, new technologies, and, of course, acquisitions.”