Graybar set a new company record for net income and a near-record for sales in the first three months of the year, officials said Tuesday.
The employee-owned electrical and industrial distributor said in a press release that its first quarter net sales came in at $3.3 billion, which represented a 12.4% increase over the same quarter last year and the second-highest quarterly total in its history.
Net income, meanwhile, jumped by more than 40% year over year to a new record of $141.9 million.
“Through our ongoing business transformation, we are building advanced capabilities designed to support growth, enhance the value we bring to our customers and strengthen our position as an industry leader,” Graybar Chairman, President and CEO Kathleen Mazzarella said in the statement.
The company also said that it renewed the “Voting Trust Agreement” with its shareholders in the first quarter, affirming “a longstanding foundation of the company's employee ownership structure.”
Graybar’s industrial operations came in at no. 14 on ID’s latest Big 50 list.
