Electrical and communications products distributor Graybar reported a 42-percent increase in net income for the first quarter of 2010. Sales declined slightly for the quarter and in line with expectations, the company says.
“We are pleased by our earnings increase for the first quarter,” says Graybar Chairman, President and CEO Robert A. Reynolds Jr. “The company is in great financial condition with low debt levels and a strong cash position, allowing us to focus on the long-term health of the organization and prepare for future growth.”
Additionally, the company’s Minneapolis operation opened a full-service logistics center in Brooklyn Park, Minn., to serve as the primary shipping location for its 13 branches across Minnesota, Iowa, North Dakota and South Dakota. The new facility will also serve as a secondary shipping location for Graybar’s five branches in northeast Wisconsin.
The service center provides customers with fast access to extensive local inventory, supported by state-of-the-art warehouse management technology and responsive delivery service, according to the company.
“This enhanced service and logistics platform will greatly improve the vitality and growth of our locations in the areas we serve,” says Graybar’s Minneapolis Operation District Vice President Bill Keller. “By centralizing and upgrading the size and technological capabilities of our warehouse facilities, we can better align our resources to serve our customers more effectively.”
