Graybar Electric Co., St. Louis, reported record-setting net income of $32.5 million for the third quarter of this year, along with net sales of $1.45 billion, an increase of $208.7 million, or 16.7 percent, over the third quarter of 2010. Net sales for the first nine months of the year reached $4.01 billion, an increase of $634.8 million, or 18.8 percent, compared to the same period last year. Net income for first three quarters of the year grew to $68 million, a 106.8 percent increase compared to the same period in 2010.
“We continue to achieve strong organic growth and have set two monthly sales records this year,” said Robert Reynolds, Jr., chairman, president and chief executive officer of Graybar. “Our positive earnings performance reflects the decisions we made before, during and after the economic downturn to focus on our long-term strategy and work to our customers' advantage.”