Electrical and communications product distributor, Graybar, which is also known for related supply chain management and logistics services, reported net income of $18.9 million %%MDASSML%% a 58.7% increase over the first quarter of 2007.
Net sales grew 4.8% during the first quarter of 2008 %%MDASSML%% to $1.28 billion %%MDASSML%% compared to the same period in 2007. The company attributes the increase to a modest growth in electrical market sales, coupled with a solid sales growth rate and competitive performance in the data communications market. First-quarter 2008 income from operations rose 22.8% %%MDASSML%% to $30.5 million %%MDASSML%% compared to the first quarter of 2007.