Electrical and industrial supplies distributor Graybar shared its 2024 full-year financial performance on March 13, which showed that the company achieved record net sales.

The St. Lous-based company posted full-year sales of $11.6 billion, up 5.5% year-over-year. Meanwhile, Graybar’s net profit of $423.1 million — the company’s third highest net profit — declined 8.7% year-over-year.

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The distributor said the profit decrease was driven by the company’s significant investments in Graybar Connect — a multi-year, business transformation project.

Graybar 2024 investments include:

• Invested in acquisitions for profitable growth, including Colorado-based Blazer Electric Supply, California-based Dynamic Solutions (through Valin Corporation) and Tennessee-based Power Supply Company (through Cape Electrical Supply)
• Investments in advanced technology through Graybar Connect — a multi-year initiative focused on transforming data, processes and organization, alongside the launch of a new core ERP system planned for 2025
• Investment in leadership development, with appointments across regional business units, as well as sales, strategic planning and customer experience roles

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“Today’s business environment is more complex and uncertain than ever before,” Graybar Chairman, President and CEO Kathleen Mazzarella said in the company’s financial release. “The pace of change continues to accelerate, and sustaining our leadership position requires us to strategically invest in our future through initiatives like Graybar Connect. Graybar’s strong balance sheet gives us the financial flexibility to manage through challenges, while we capitalize on opportunities in new markets, new customers, new technologies and of course, acquisitions.”

Graybar is one of the only non-publicly traded distributors MDM follows that publishes quarterly sales and profit updates as company news.

Graybar was No. 4 on MDM’s Top Distributor’s List for Electrical/Data/Security and No. 20 for Industrial Supplies.