ST. LOUIS -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, recently reported their 2010 results.
The company finished 2010 with fourth quarter sales growth of almost 15 percent when compared to the same quarter in 2009. Economic momentum built throughout 2010 resulting in a return to growth for the year. Sales for the year were $4.6 billion in 2010, which amounted to an increase of 5.4 percent compared to 2009. The company also reported net income of $42.3 million, up 12.9 percent from the previous year.
"Like many businesses, we were unsure what to expect from the economy at the beginning of 2010. After a slow start, momentum began to build in our markets and we capitalized on this opportunity. I am very proud of how our employees focused on serving our customers to achieve growth," said Robert A. Reynolds, Jr., chairman, president and chief executive officer of Graybar.
Reynolds added, "Our performance in 2010 resulted from improving conditions and a consistent focus on our long-term view of our business. Our financial condition remains very stable, with low debt levels and higher earnings. The company is well positioned for anticipated growth in 2011 as we continue to work to our customers' advantage."