Electrical and industrial distribution giant Graybar on Monday said that its sales grew during the third quarter of the year while its earnings declined.
The employee-owned company said in a statement that net sales in the quarter were $3 billion, an increase of 4% compared to the same period last year. Net income attributable to Graybar, however, slid 6.4% over that span to just more than $110 million.
The company’s totals through the first nine months of the year saw the same pattern: a 4.8% year-over-year increase in net sales and an 11.2% decline in net income. The latter total, officials said, stemmed partly from spending on its “Graybar Connect” strategic transformation effort.
Graybar CEO Kathleen Mazzarella said in the statement that the company sees “incredible opportunities” in the future despite ongoing “uncertainty” in the markets that it serves.
“We remain focused on serving our customers and managing our business wisely, while we make strategic investments in growth and transformation to position our company for long-term success,” Mazzarella said.
St. Louis-based Graybar’s industrial segment came in at no. 16 on ID’s 2024 Big 50.