Graybar, a distributor of electrical and communications products and a provider of related supply chain management and logistics services, released its 2009 financial report.
Net sales were $4.38 billion in 2009, a decrease of 18.9 percent compared to 2008, according to the company. 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,” says Graybar President and CEO Robert Reynolds, Jr. “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.”
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.”
