Electrical, communications and data networking distributor Graybar reported “record” first-quarter numbers to start 2022, including net sales of $2.4 billion, an increase of 25.3% compared to the same period last year.
Net income attributable to Graybar for the quarter finished at $102.2 million, a 116.5% increase from the first quarter of 2021, the company said.
“After our strong performance in 2021, I am very pleased that we have sustained our momentum into the first quarter of this year,” said Kathleen M. Mazzarella, chairman, president and CEO of Graybar. “While economic conditions are contributing to growth, the markets we serve continue to be affected by a number of external variables. As a vital link in the supply chain, we remain focused on providing exceptional service to our customers, while we invest in our future and implement our long-term, strategic plan.”