Graybar Third Quarter Results

CEW graybar logo 400

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.”

Source

Related Articles


Changing Scene

  • SkyView by BIOS Lighting Launches in BC with Mac’s II Agencies

    SkyView by BIOS Lighting Launches in BC with Mac’s II Agencies

    Mac’s II Agencies is proud to represent SkyView by BIOS Lighting across British Columbia. As the first agency in BC to bring this innovative brand to market, we’re excited to help launch a new chapter for SkyView—a new company rooted in cutting-edge science and committed to wellness through light. This addition to our lighting line card reflects our… Read More…

  • Electric Avenue Welcomes Julie Moore as New Marketing Coordinator

    Electric Avenue Welcomes Julie Moore as New Marketing Coordinator

    Electric Avenue is excited to welcome Julie Moore to the team as it’s new Marketing Coordinator, bringing fresh energy and a strong foundation in digital marketing to it’s growing brand. Originally from Halifax, N.S., Julie holds a Bachelor of Commerce with a major in Marketing and brings hands-on experience in social media management and digital… Read More…


Peers & Profiles