Net income rises 13% on sales of $4.6 billion
Electrical, communications and data networking products distributor Graybar posted solid sales and earnings results for the fourth quarter and full-year 2010 this week.
Fourth-quarter sales rose nearly 15% compared to the same period last year, while full-year sales rose more than 5% to $4.6 billion. Full-year earnings were up 13% to $42.3 million, the company said.
“Like many businesses, we were unsure what to expect from the economy at the beginning of 2010. After a slow start, momentum began to build in our markets and we capitalized on this opportunity. I am very proud of how our employees focused on serving our customers to achieve growth,” said Robert A. Reynolds, Jr., Graybar’s chairman, president and chief executive officer.
Reynolds added, “Our performance in 2010 resulted from improving conditions and a consistent focus on our long-term view of our business. Our financial condition remains very stable, with low debt levels and higher earnings. The company is well positioned for anticipated growth in 2011 as we continue to work to our customers' advantage.”
Based in St. Louis, employee-owned Graybar has nearly 240 distribution facilities throughout North America.