Electrical, communications and data networking products distributor Graybar, St. Louis, Missouri, reported 2020 sales of $7.3 billion, a 3.4% decrease compared to the previous year. Net income of $121.8 million marked a 15.7% decrease compared to 2019, primarily due to a non-cash pension settlement charge of $27.7 million that the company recognized in 2020.

“I am extremely proud of the way Graybar employees rose to the challenge in 2020. With remarkable teamwork and resilience, our employees moved our company forward, while caring for our customers, our communities and each other,” said Graybar’s Chairman, President and CEO Kathleen M. Mazzarella. “Thanks to their extraordinary efforts, along with effective management of our business, Graybar finished the year in a strong financial position and continued investing in strategic priorities that will drive our long-term success.”