ST. LOUIS, Mo. – Graybar reported today that the company finished 2017 with its sixth consecutive year of record net sales. In 2017, net sales totaled $6.6 billion, a 3.9 percent increase compared to the previous year.
The company’s income before provision for income taxes increased 9.2 percent; however, net income for 2017 decreased to $71.6 million, as a consequence of the tax reform legislation that took effect late last year. Despite this short-term impact, Graybar anticipates the tax reform legislation will reduce its effective tax rate, improve liquidity and provide opportunities to grow the business through both organic initiatives and acquisitions moving forward.
“I am proud of our strong performance in 2017 and grateful to our employees for their dedication to serving our customers,” said Graybar’s Chairman, President and CEO Kathleen M. Mazzarella. “Through consistent execution of our strategic plan, we have achieved several years of sustained growth and profitability. As we look to the future, we will pursue our vision of leadership in digital innovation by building the culture and capabilities to reimagine the value of distribution and transform the supply chain for the future. We believe this will work to our customers’ advantage today and create new opportunities to enhance Graybar’s long-term performance.”Tagged with Biggest News, financial, Graybar