ST. LOUIS – Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, on Sunday reported record net sales in the third quarter of 2023.
Graybar’s net sales for the third quarter totaled $2.9 billion, a 2.3% increase compared to the same period in 2022. Net income attributable to Graybar for the quarter was $117.7 million, down 6.7% from the same period last year.
For the first nine months of the year, the company reported net sales of $8.3 billion, a 6% increase compared to the same period last year. Net income attributable to Graybar through three quarters increased 3% to $366.7 million.
“I am pleased that we achieved record net sales in the third quarter,” said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. “As we continue to navigate changing economic conditions, we remain focused on providing exceptional service to our customers and managing our business wisely. We are also investing in our future, as we move forward with our business transformation strategy and pursue opportunities to strengthen our long-term position in the industry.”