ST. LOUIS, MO — Graybar, a distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, announced Nov. 1 that it has completed the acquisition of Steven Engineering, Inc.
“We are excited to welcome the Steven Engineering team to Graybar,” said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. “With its reputation for exceptional customer service and advanced technical capabilities, Steven Engineering will accelerate Graybar’s growth and strengthen our position in the industrial automation business.”
“Steven Engineering and Graybar share similar values and a passion for helping our employees, customers and suppliers succeed,” said Bryan Wolfgram, chief executive officer of Steven Engineering. “As part of Graybar, we look forward to sustaining our positive workplace culture, while investing in growth and innovation to achieve long-term success.”
Q3 Financials
On Oct. 25, Graybar reported its highest quarterly net sales in company history.
Graybar’s net sales for the third quarter totaled $2.31 billion, a 23.2 percent increase compared to the same period in 2020. Net income attributable to Graybar for the quarter was $74.3 million, up 115.4 percent from the same period last year.
For the first nine months of the year, the company reported net sales of $6.45 billion, a 19.1 percent increase compared to the same period last year. Net income attributable to Graybar for the first nine months of the year increased 116.8 percent to $201.6 million.
“Our strong performance so far this year is a testament to our employees and their dedication to our customers,” Mazzarella said. “While we are seeing improvements in the economy, the markets we serve continue to face a wide range of challenges. As we navigate through the uncertainty of today’s business environment, we remain focused on delivering an exceptional customer experience and sustaining a healthy financial position for the future.”
