Electrical, communications and data networking products distributor Graybar’s net sales for the second quarter of 2023 reached a new quarterly record, totaling $2.8 billion, an increase of 4.5% compared to the same period last year.
Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022, according to a July 31 news release.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
The second-quarter sales growth follows a “record” first quarter.
In July, Graybar acquired Baltimore-based Shepherd Electric Supply and San Jose, California-based Valin Corporation.
Graybar ranked No. 3 on MDM’s 2023 Top Electrical, Data & Security Distributors List.
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