ST. LOUIS – Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, reported record-setting net income of $32.5 million for the third quarter of this year, along with net sales of $1.45 billion, an increase of $208.7 million, or 16.7 percent, over the third quarter of 2010.
Net sales for the first nine months of the year reached $4.01 billion, an increase of $634.8 million, or 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 of Graybar. “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.”
Graybar also appointed Peter Elkas as vice president-sales, electric utility and Tom Moore as vice president-sales, broadband utility, effective Jan. 1, 2012.
Elkas is a 31-year Graybar veteran who currently serves as district vice president in the company’s Boston district. During his career, he advanced through key management roles at the branch and district levels, including sales manager, branch manager and director of sales. He has worked closely with electric utility customers in New England for many years. Elkas has a bachelor’s degree in business management from Western New England University and is an actively involved in several utility organizations.
Moore is currently director, comm/data sales in Graybar’s Richmond district. Throughout his 27-year Graybar career, he has served in a variety of sales and management roles within the company’s comm/data business. He is an active member of BISCI and earned his RCDD designation in 1993. Moore has a bachelor’s degree in business management from Western Carolina University and was among the first employees to complete the Rutgers-Graybar Supply Chain Management Program.
“Establishing these strategic positions reinforces Graybar’s commitment to the utility market,” said Kathy Mazzarella, Graybar’s executive vice president and chief operating officer. “Both Peter and Tom bring extensive experience to their new assignments, helping Graybar work to the advantage of its electric and broadband utility customers nationwide.”