ST. LOUIS, MO -- Graybar, a leading 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 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.
"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."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of nearly 240 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network and secure their facilities with speed, intelligence and efficiency.