Graybar's 3Q 2012 sales and profits slip

Graybar Electric Co., St. Louis, reported net sales of $1.4 billion for the third quarter of 2012, a decrease of 4.7% compared to the same period in 2011. Net sales for the first nine months of the year increased 0.9% to $4 billion. The company also reported $20 million in net income for the quarter, a 38.5% decrease from the same period last year, while nine month net income increased 16.4% to $79 million.

Kathleen Mazzarella, Graybar's president and CEO, said in a press release announcing the 3Q 2012 results, "We remain focused on serving our customers and executing our strategy. While our third-quarter results were less than the same period last year, we continue to invest in several innovative programs that will work to the advantage of our customers and suppliers. Our financial condition is strong and our entire organization is driven to achieve profitable growth for the long term." Details