Graybar, a distributor of electrical and communications products and provider of related supply chain manageme...
November 11, 2009
Graybar, a distributor of electrical and communications products and provider of related supply chain management and logistics services, reported net sales of US$3.3 billion for the first three quarters of 2009, a decrease of 20.5%, compared to the first three quarters of 2008.
The company also reported US$20.9 million in net income for the first nine months of 2009, a 68.9% decrease from the same period last year. Revenues during the third quarter of 2009 were down 22.5% compared to the same period in 2008.
The results for the quarter and the first nine months of the year were somewhat less than the company’s expectations, it said in a release.
“The current economic conditions continue to adversely affect our customers and, in turn, Graybar’s results,” said Robert A. Reynolds, Jr., Graybar’s chairman, president and chief executive officer. “Despite a challenging business environment, Graybar is profitable, financially strong and focused on growing market share as well as strengthening our presence in key markets.”
Reynolds added the company continues to “reduce expenses and debt in order to meet the realities of the market. And when business conditions improve, we will be better positioned to further work to our customers’ advantage.”