Company attributes gains to organic growth strategy
ST. LOUIS, November 11, 2008 - Graybar, one of the nation’s leading distributors of electrical and communications products and related supply chain management and logistics services, reported net sales of $1.45 billion during the third quarter of 2008, an increase of 6.2 percent over the third quarter of 2007. Net sales for the first three quarters of 2008 rose 5.7 percent over the same period last year to $4.15 billion.
The company reported $66.9 million in net income for the first nine months of 2008. Profits increased by 1.1 percent compared to the same time period in 2007. Profit growth was negatively impacted by a market-wide decline in copper-based wire products.
"While economic conditions are uncertain, our organic growth strategy continues to produce solid business results," said Robert A. Reynolds Jr., chairman, president and chief executive officer of Graybar. "Our low debt levels and strong financial position should allow Graybar to weather an economic slowdown and emerge with greater market share. It's during challenging times that our investments in people and technology will provide clear advantages for our customers and the company."