Posted March 10, 2010
Graybar reports 18.9% sales decrease
Graybar announced that net sales were $4.38 billion in 2009, a decrease of 18.9 percent compared to 2008.
The company also posted net income of $37.4 million, down 57.3 percent, from the previous year.
“While conditions were some of the most difficult in business history, our performance in 2009 resulted from hard work, a disciplined approach to managing our business and a consistent focus on our long-term strategy,” said Robert A. Reynolds, Jr., chairman, president and CEO. “We achieved profitability and finished the year with low debt levels and a strong cash position. This prepares us for growth as the economy recovers.”
In 2009, Graybar celebrated the 140th anniversary of the company’s original founding in 1869 as well as 80 years of employee ownership. Reynolds adds, “Graybar has persevered through many economic cycles, achieving success through times of prosperity and hardship. Because we are independent and employee-owned, we can focus on the long-term health of our company while working to the advantage of our manufacturers and customers.”
