Posted November 8, 2011
Graybar sales rise 16.7 percent
Graybar reported record-setting net income of $32.5 million for the third quarter, while net sales increased 16.7 percent to $1.45 billion.
Net sales for the first nine months of the year reached $4.01 billion, an increase of 18.8 percent, compared to the same period last year. Net income for first three quarters of the year grew to $68 million, a 106.8 percent increase compared to the same period in 2010.
"We continue to achieve strong organic growth and have set two monthly sales records this year," said Robert A. Reynolds, Jr., chairman, president and chief executive officer. "Our positive earnings performance reflects the decisions we made before, during and after the economic downturn to focus on our long-term strategy and work to our customers' advantage."
