Posted May 18, 2010
Graybar income up 42 percent
Graybar reported a 42 percent increase in net income for the first quarter of 2010. Sales declined slightly for the quarter and in line with expectations, according to a company press release.
The company did not release total sales results for the period.
The distributor of electrical and communications products and provider of related supply chain management and logistics services also announced the opening of a Minneapolis area full-service logistics center. The Brooklyn Park, Minn., facility will serve as the primary shipping location for its 13 branches across Minnesota, Iowa, North Dakota and South Dakota, and as a secondary shipping location for its five branches in northeast Wisconsin.
"This enhanced service and logistics platform will greatly improve the vitality and growth of our locations in the areas we serve," said Bill Keller, district vice president for Graybar's Minneapolis operation. "By centralizing and upgrading the size and technological capabilities of our warehouse facilities, we can better align our resources to serve our customers more effectively."
