Graybar Electric Co., St. Louis, reported net sales of $1.4 billion for the third quarter of 2012, a decrease of 4.7% compared to the same period in 2011. Net sales for the first nine months of the year increased 0.9% to $4 billion. The company also reported $20 million in net income for the quarter, a 38.5% decrease from the same period last year, while nine month net income increased 16.4% to $79 million.
Kathleen Mazzarella, Graybar's president and CEO, said in a press release announcing the 3Q 2012 results, "We remain focused on serving our customers and executing our strategy. While our third-quarter results were less than the same period last year, we continue to invest in several innovative programs that will work to the advantage of our customers and suppliers. Our financial condition is strong and our entire organization is driven to achieve profitable growth for the long term." Details
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Jim Lucy Blog
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Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.