Electrical, communications and data networking products distributor Graybar shared that the company saw record net sales and net income in 2023.

The St. Louis-based company stated March 14 that its 2023 net sales increased 4.8% vs. 2022 to a record $11.0 billion, while net income of $463.4 million was likewise a company record that increased 2.3%.

The revenue figure far outpaced the -1.5% annual decline seen last year in the greater electrical and electronics wholesale trade vertical, according to MDM analysis.

“I am proud that we finished 2023 with record results,” Graybar Chairman, President and CEO Kathleen Mazzarella said. “Our investments in growth, combined with the hard work and dedication of our employees, allowed us to surpass $11 billion in sales for the first time in the company’s history. Last year, we also launched a strategic transformation program, designed to provide the technical and operational foundation to unlock our company’s future potential. As we look forward, we remain focused on serving our customers, accelerating our growth, and transforming our business to achieve long-term success.”

On MDM’s 2023 Top Distributors Lists, Graybar charted at No. 3 for Electrical, Data and Security distributors, and No. 20 for Industrial distributors.

Graybar has a network of more than 345 distribution facilities throughout North America.

On March 11, Graybar announced that a tentative four-year labor deal had been reached between it and Teamsters Local 688 — the union representing 42 workers at a company service center in St. Louis — effectively ending a 15-day strike.

On Feb. 29, Graybar announced the acquisition of Colorado Springs, CO-based Blazer Electric Supply for an undisclosed amount.