Graybar reports robust 3Q sales
Net income rises 98% in 3Q, reports the distributor of electrical, communications and data networking products.
ST. LOUIS -- Graybar, a distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, recently reported third quarter results. The company said it had a 98 percent increase in net income for the third quarter of 2010 compared to the third quarter of 2009, aided by an 11% increase in net sales. Net sales through nine months of 2010 increased by 2.4 percent to $3.4 billion and net income rose by 58 percent to $33 million compared to the same period in 2009.
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“Our third quarter results were better than expected, and we are pleased to see a positive advance in earnings and sales growth for the second consecutive quarter,” said Robert A. Reynolds, Jr., chairman, president and chief executive officer of Graybar. “Graybar has remained financially stable throughout the recent economic downturn. Our financial strength, combined with our investments in inventory, technology and logistics position us for continued growth as we work to our customers’ advantage.”
For more information, visit www.graybar.com or call 1-800-GRAYBAR.