Graybar Announces 2020 Results
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ST. LOUIS, March 10, 2021 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported the company's 2020 business results.
For the year, Graybar's net sales totaled $7.3 billion, a 3.4 percent decrease compared to 2019. The company's income from operations was $224.8 million, an increase of 0.5 percent. Net income attributable to Graybar was $121.8 million, a 15.7 percent decrease from the previous year. This decrease was primarily due to a non-cash pension settlement charge of $27.7 million that the company recognized in 2020.
"I am extremely proud of the way Graybar employees rose to the challenge in 2020. With remarkable teamwork and resilience, our employees moved our company forward, while caring for our customers, our communities and each other," said Graybar's Chairman, President and CEO Kathleen M. Mazzarella. "Thanks to their extraordinary efforts, along with effective management of our business, Graybar finished the year in a strong financial position and continued investing in strategic priorities that will drive our long-term success."
Graybar, 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, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of 292 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact: Tim Sommer(314) email@example.com
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