Electrical and industrial supplies distributor Graybar shared updates on its 2024 second quarter financial performance, which was led by a company record for net sales.

The St. Louis-based company posted 2Q sales of $3 billion, up 7.6% year-over-year. Meanwhile, Graybar’s net profit of $110.4 million fell 11.1%.

For the first half of 2024, Graybar said its net sales of $5.7 billion were up 5.0% year-over-year, while net profit of $215.6 million fell 13.4%. The distributor said profit decrease in both 2Q and the first half of 2024 were partly driven by investments in Graybar Connect — the company’s multi-year strategic business transformation project.

“We continue to achieve positive results thanks to the hard work and dedication of our employees,” Graybar Chairman, President and CEO Kathleen M. Mazzarella said in an Aug. 5 news release. “As we serve our customers today, we are making investments that will help us achieve long-term success in a rapidly changing world. This strategic and balanced approach positions Graybar as a resilient, forward-thinking company that can anticipate market changes, lead with innovation, and deliver enhanced value to our stakeholders for years to come.”

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

Graybar — No.4 on MDM’s Top Distributor’s List for Electrical and No. 20 for Industrial Supplies — announced the appointment of Jason Casey as Vice President of Distribution Operations on July 22.