Graybar, a distributor of electrical, communications and data networking products, reported its first-quarter 2022 sales were $2.3 billion, an increase of 25.3% from the prior-year period.
Net income for the first quarter was up 116.5% at $102.2 million, the highest quarterly net income in company history.
“After our strong performance in 2021, I am very pleased that we have sustained our momentum into the first quarter of this year. While economic conditions are contributing to growth, the markets we serve continue to be affected by a number of external variables. As a vital link in the supply chain, we remain focused on providing exceptional service to our customers while we invest in our future and implement our long-term strategic plan,” Graybar Chairman, President and CEO Kathleen M. Mazzarella said.