As you might know, the average guy/gal CANNOT BUY SHARES in Graybar, the large electrical distributor. However, because the company makes shares available to employees — and many are retained by retirees after they leave the company — SEC rules compel Graybar to file documents that are on a public file (most notably 10-Q statements, quarterly, and an annual 10-K).
Here’s a key table from the most recent 10-K, covering 2012:
| | Percentage of Sale For the Years Ended December 31, | ||
| Class of Customers | 2012 | 2011 | 2010 |
| Electrical Contractors | 46.5% | 45.5% | 45.2% |
| Data and Voice Communications | 20.4% | 20.0% | 20.6% |
| Commercial & Industrial | 21.6% | 21.6% | 19.4% |
As you can see, electrical contractors account for nearly HALF of the company’s annual sales.
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As the EleBlog’s proprietor is an unabashed fan of Graybar — I’ve written items praising the company as an investment (open – as noted – only to its employees!) — I looked at those numbers and tried to remember what they were a while ago. They seemed HIGH (that is, the % for sales to ECs seemed relatively high).
So I went back, via the SEC’s Edgar website, and looked at previous years. Here’s what it looked like for the year 1999 — a particularly DIFFERENT year, as a lot of “telecom hotels” and buildings we now call “data centers” were being constructed:
CLASS OF CUSTOMERS PERCENTAGE OF SALES 1999 1998 1997 Electrical Contractors 36.7% 38.2% 38.3% Industrial Plants 22.2 25.5 29.3 Telecommunication Companies 30.6 28.7 26.1 - - - - - HOW ABOUT dates someplace in the middle? Here goes --
CLASS OF CUSTOMERS PERCENTAGE OF SALES 2004 2003 2002 Electrical Contractors 44.5% 41.5% 41.5% Commercial & Industrial 21.5 22.1 22.4 Voice and Data Communications 21.3 22.6 24.5
Source: http://electricalcontractor.com/?p=9617
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