Graybar Completes First Half of 2008 With 19 Percent Increase in Earnings
ST. LOUIS, Aug. 26 /PRNewswire/ — Graybar, one of the nation’s leading distributors of electrical, telecommunications and networking products and related supply chain management and logistics services, announced today a 19 percent increase in earnings for the first six months of 2008 compared to the same period last year. Net income totaled $47.4 million, up from $39.7 million during the first half of 2007. First-half 2008 net sales were up 5.5 percent — to $2.7 billion — compared to the first six months of 2007.
Sales grew in line with company projections for the first half of the year. While the construction sector showed signs of weakness, good performance in networking-related product sales coupled with continued growth in the overall communications and data market helped offset the construction market’s impact on growth. The company’s profits were driven in part by increases in productivity and lower interest expense.
“We thank all our employees and employee owners for their hard work and congratulate them for a solid performance over the past six months,” said Robert A. Reynolds Jr., chairman, president and chief executive officer of Graybar. “Graybar has grown profitably due to the investments we have made in our people and our business. While we expect challenging economic conditions over the coming quarters, we believe we have positioned ourselves financially to generate consistent performance in spite of uncertain market conditions.”
Graybar Electric Company, Inc., a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, telecommunications and networking products, and specializes in related supply chain management and logistics services. Through its network of more than 250 North American distribution facilities, it stocks and sells products from thousands of manufacturers, serving as the vital link to hundreds of thousands of customers. For more information, visit http://graybar.com/ or call 1-800-GRAYBAR.
Graybar Electric Company, Inc.
CONTACT: Dawn Ouchi of Graybar Electric Company, Inc., +1-314-573-6287
Web site: http://graybar.com/