Nov 9, 2020
For the third quarter, Graybar’s net sales were $1.88 billion, a 5.2 percent decrease compared to the same period last year. Net income attributable to Graybar for the quarter was $34.5 million, down 29.3 percent from the same period in 2019.
The decrease in net income was partially due to a non-cash pension settlement charge of $17.7 million that the company recognized in the third quarter. The company expects an additional pension settlement charge in the fourth quarter.
For the first nine months of the year, the company reported net sales of $5.41 billion, a 5.1 percent decrease compared to the same period last year. Net income attributable to Graybar for the first nine months of the year decreased 28.5 percent to $93.0 million.
“While the business environment remains uncertain, Graybar is well positioned to weather the storm,” said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. “We continue to focus on keeping our employees safe, serving our customers and strengthening our communities. Our financial condition remains strong, and we are moving forward with strategic investments that will contribute to our long-term success. Our employees continue to respond to challenging circumstances with teamwork and resilience. I thank everyone at Graybar for their extraordinary efforts this year.”