Graybar Electric Company Inc., (NYSE: GRAYB), St. Louis, MO, distributor of electrical, communications and data networking products, reported sales for its fiscal 2022 second quarter were $2.7 billion, up 19.7% from the prior-year period.
Net income for the second quarter was $127.6 million, up 59.3% from the prior-year period.
For the first half of the year, the company reported sales of $5.1 billion, a 22.3% increase. Net income attributable to Graybar for the first six months of 2022 increased 80.5% to $229.8 million.
“Amid changing economic conditions and ongoing global disruption, our business remains strong,” said Kathleen Mazzarella, President and CEO. “We continue to focus on delivering an exceptional customer experience, while we invest in growth and supply chain innovation that will broaden our reach, expand our capabilities and drive our long-term success.”
Ian Heller is the Founder and Chief Strategist for Distribution Strategy Group. He has more than 30 years of experience executing marketing and e-business strategy in the wholesale distribution industry, starting as a truck unloader at a Grainger branch while in college. He’s since held executive roles at GE Capital, Corporate Express, Newark Electronics and HD Supply. Ian has written and spoken extensively on the impact of digital disruption on distributors, and would love to start that conversation with you, your team or group. Reach out today at firstname.lastname@example.org.