Electrical, communications and data networking products distributor Graybar  reported net sales of $2.9 billion in the third quarter of 2023.

While the net sales were a 3Q record and a 2.3% increase compared to the same period in 2022, net sales growth is down from 1Q and 2Q, when sales increased 12.2% and 4.5% compared to the same periods in 2022, respectively.

Net income attributable to Graybar for 3Q was $117.7 million, down 6.7% from the same period last year, according to an Oct. 30 news release.

For the first nine months of the year, the company reported net sales of $8.3 billion, a 6.0% increase compared to the same period last year. Net income attributable to Graybar through three quarters increased 3.0% to $366.7 million.

Graybar ranked No. 3 on MDM’s 2023 Top Electrical, Data & Security Distributors List.

Graybar Names California District Vice President

On Oct. 19, Graybar announced Brad Lee as District Vice President to lead business operations in the company’s California District, a territory that includes all of California and part of Nevada.

Lee joined Graybar in 2018 and previously served as Director of Electrical and Industrial Sales in the Phoenix District.

“I look forward to working with him to expand our business and serve our customers in this region,” said Graybar Regional Vice President David Bender in a news release.