ST. LOUIS, Oct. 29, 2019 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported record net third quarter sales.
For the third quarter, Graybar achieved a net sales record of $1.98 billion, a 5.9 percent increase compared to the same period last year. Net income attributable to Graybar for the quarter was $48.8 million, down 8.8 percent from the same period in 2018. The comparative decrease in net income for the quarter was due to unusually low income tax expense in the third quarter of 2018 related to the Tax Cuts and Jobs Act.
For the first nine months of the year, the company reported net sales of $5.70 billion, a 6.9 percent increase compared to the same period last year. Net income attributable to Graybar for the first nine months of the year increased 9.2 percent to $130.1 million.
"Our continued investments in people, technology and service innovation significantly contributed to our strong sales performance in the third quarter," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "As we celebrate our 150th anniversary and 90 years of employee ownership this year, we remain focused on delivering an exceptional customer experience, enhancing supply chain productivity and inspiring a culture of innovation throughout the company."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of 289 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.