Graybar said Thursday that its annual sales again set a new record last year, but that its net income slipped compared to 2023.
The employee-owned distribution giant — whose industrial operations came in at no. 16 on ID’s 2024 Big 50 — said its 2024 net sales of $11.6 billion were up 5.5% from the previous year, while net income dropped by 8.7% year-over-year to $423.1 million.
The decline in the latter total, officials said, was attributed to its ongoing “Graybar Connect” strategic technology initiative and still represented its third-highest annual net income to date. The company has reported sales records in 12 of the past 13 years.
"Graybar's record sales performance in 2024 demonstrates our ability to deliver continued profitable growth while investing in our future," Graybar President, Chairman and CEO Kathleen Mazzarella said in a statement.
St. Louis-based Graybar is also celebrating the 100th anniversary of its separation into an independent company from Western Electric. Company employees purchased the business four years later.
