Electrical, communications and data networking products distributor Graybar had a “record” first quarter, the company announced when reporting its financials for 2023’s January-March period on April 24.
Graybar posted 1Q net sales of $2.7 billion, an increase of 12.2% year-over-year. Net income attributable to Graybar was $124.8 million, up 22.1% year-over-year.
“After our record performance in 2022, I am very pleased with our strong start to 2023,” Graybar Chairman, President and CEO Kathleen Mazzarella said in a news release. “As we navigate changing economic conditions, we remain focused on providing exceptional customer service, investing in our business and pursuing opportunities that will strengthen our position as a leader in supply chain innovation.”
Graybar’s record 1Q follows its record fiscal 2022, when the electrical distributor posted sales of $10.5 billion.
Graybar ranked No. 3 on MDM’s Top Electrical, Data & Security Distributors list in 2022.