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.”
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Jim Lucy Blog
Chief Editor
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.