St. Louis-based electrical, communications and data networking distributor Graybar this week reported its highest quarterly net sales in company history.
Graybar’s 3Q net sales totaled $2.31 billion, a 23.2% increase compared to the same period last year.
The company’s profit for the quarter was $74.3 million, up 115.4% from the same period in 2020.
For the first nine months of 2021, Graybar reported net sales of $6.45 billion, an increase of 19.1% compared to the first three quarters of 2020.
Graybar’s profit for the first nine months of 2021 increased 116.8% over 2020 to $201.6 million.
“Our strong performance so far this year is a testament to our employees and their dedication to our customers,” said Kathleen M. Mazzarella, chairman, president and CEO of Graybar. “While we are seeing improvements in the economy, the markets we serve continue to face a wide range of challenges. As we navigate through the uncertainty of today’s business environment, we remain focused on delivering an exceptional customer experience and sustaining a healthy financial position for the future.”
Earlier this month, Graybar Canada announced it had completed its acquisition of Electro-mag Inc., including the JAD brand.