Graybar said Thursday that its January-March sales represented a new company record for the first three months of a year.
The employee-owned electrical and industrial distributor reported $2.95 billion in first-quarter net sales, which the company said was up 7.9% compared to the same period last year.
Net income, however, slipped by just more than 4% year-over-year to $100.9 million. Graybar officials attributed the decline, in part, to spending on its “Graybar Connect” initiative — including the recent launch of a new ERP system.
"Because of Graybar's unique employee ownership structure, we can invest for the long term, even as we navigate ongoing economic uncertainty,” Kathleen Mazzarella, the company’s chairman, president and CEO, said in a statement. “We believe our strategic investments in Graybar Connect will deliver tremendous value for our company and our customers.”
Mazzarella said the company would also continue to pursue acquisitions and “other opportunities to strengthen our capabilities and drive sustained growth."
Graybar’s industrial operations ranked at no. 16 on ID’s 2024 Big 50 list. The St. Louis-based company is celebrating its 100th anniversary this year.
