ST. LOUIS, MO--(Marketwired - November 01, 2016) - Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, recently reported record net sales for the third quarter.
Following record net sales in the first two quarters of the year, Graybar achieved an all-time net sales record of $1.7 billion in the third quarter, a 6.7 percent increase compared to the same period last year. Net income for the quarter was $30.1 million, up 6.4 percent from the same period in 2015.
For the first nine months of the year, the company reported net sales of $4.8 billion, a 5.2 percent increase from the same period last year. Net income for the first nine months of the year increased 7.5 percent to $71.0 million.
"Our strong performance for the quarter and the first nine months of the year is a result of our sustained focus on achieving profitable growth and strengthening our position in the supply chain," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "Thanks to the commitment of our employees and their dedication to serving our customers, this strategy is producing positive results. We are also excited about our acquisition of Cape Electrical Supply in July and will continue to explore potential acquisitions and new opportunities to drive our long-term success."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 260 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.