Financial Results ... Noland Co.
Noland Co. (Newport News, Va.) reported net income of $3.3 million, or 97 cents per share, for the third quarter ended Sept. 30, up 11% from last year. Sales for the quarter were $121.8 million, 7% less than a year earlier. Hurricane Isabel had an impact on the company's business in North Carolina, Virginia and Maryland, but sales had lagged before the storm hit, according to Lloyd U. Noland III, chairman, in a statement. For example, plumbing sales were down 10%, partly due to a weakness in commercial construction and heightened competition. Electrical/industrial sales declined by 21%, reflecting less integrated supply business than last year. However, the wholesaler's air conditioning sales rose 6%. The company boosted its gross profit by 2%. For the nine months, Noland's net income of $9.2 million, or $2.67 per diluted share, was 54% higher than the same period last year. Sales of $354.5 million for the quarter were 4% less than the prior year.