Graybar 1Q Sales Up 2%, Profit Falls - Modern Distribution Management

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Graybar 1Q Sales Up 2%, Profit Falls

While sales growth slowed sequentially, it was another record quarter for the electrical and industrial supplies distributor.
Indianapolis - Circa August 2022: Graybar electrical and telecommunications equipment distributor. Graybar is an employee-owned corporation.

Electrical and industrial supplies distributor Graybar shared updates on its 2024 first quarter financial performance, which was led by another company record for 1Q sales.

The St. Louis-based company posted total 1Q sales of $2.7 billion, up 2.2% year-over-year. Meanwhile, Graybar’s net profit of $105.2 million fell 15.7%.

“After achieving record results last year, I am pleased with our solid performance in the first quarter of 2024,” Graybar Chairman, President and CEO Kathleen Mazzarella said in a May 1 news release. “Although the markets we serve face continued uncertainty, we remain focused on delivering exceptional value to our customers, managing our business wisely and making strategic investments in long-term growth and transformation to position the company for many more years of success.”

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

Also on May 1, Graybar subsidiary Valin Corp. — which Graybar bought in April 2023 — acquired Irvine, CA-based Dynamic Solutions to strengthen its motion control and automation product portfolio.

During 1Q, Graybar also acquired Colorado Springs, CO-based Blazer Electric Supply (announced Feb. 29), and announced that Ellen Rebne will be the company’s new Senior Vice President of Sales upon the June 1 retirement of longtime Graybar veteran David Maxwell at that position.

The company had 2023 total sales of $11.0 billion, up 4.8% vs. 2022. It has more than 345 distribution facilities throughout North America.

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