Financials ... Noland Co.
Noland Co. (Newport News, Va.) reported a huge increase in net income for the third quarter ended Sept. 30: $2,954,000 vs. $1,132,000 last year. Favorable market conditions, including a hot, dry summer, boosted demand for plumbing and air conditioning equipment and supplies in much of its 13-state territory, Lloyd Noland III, chairman, said in a statement. Plumbing sales rose 10% and air conditioning sales increased by 14.5%. This was offset by a 13.6% decline in electrical/industrial sales. Total sales for the third quarter of $131,076,000, were up 7.1% from last year's period. For the nine months, sales were up 1.9% and net income increased by 33.1%.