Electrical and industrial supplies distributor Graybar shared its 2024 third quarter financial performance, which showed continued sales growth — albeit slower than in 2Q — and another decrease in net profit.

The St. Louis-based company posted 3Q sales of $3 billion, up 4.4% year-over-year, sequentially trailing 2Q’s 7.6% gain. Meanwhile, Graybar’s 3Q net profit of $110.2 million fell 6.4%, following 2Q’s 11.1% slide.

For the first nine months of 2024, Graybar said its net sales of $8.7 billion were up 4.8% year-over-year, while net profit of 325.8 million fell 11.2%. The distributor said the profit decrease in the nine months ended Sept. 30 was driven by the company’s investments in Graybar Connect and its business transformation project.

“I am proud of our positive results through the third quarter,” Graybar Chairman, President and CEO Kathleen Mazzarella said in the company’s financial release. “Although the markets we serve continue to face uncertainty, we see incredible opportunities for the future. We remain focused on serving our customers and managing our business wisely, while we make strategic investments in growth and transformation to position our company for long-term success.”

Graybar is one of the only non-publicly traded distributors MDM follows that publishes quarterly sales and profit updates as company news.

On Oct. 21, Graybar announced five executive appointments and promotions that are effective Jan. 1.

Graybar was No. 4 on MDM’s Top Distributor’s List for Electrical/Data/Security and No. 20 for Industrial Supplies.