Financial ...Noland Co.
September 1, 2003
Noland Co. (Newport News, Va.) said a weather-related 6% decline in sales led to a flat earnings performance for the second quarter ended June 30. Record rainfall in May and June in many parts of Noland's 13-state territory caused delays in customers' residential and commercial construction projects, which reduced demand for its equipment and supplies, the company said. Plumbing sales declined 9% for the quarter, but air conditioning sales rose 8%. Electrical/industrial sales fell 22%. "On a same-store basis, our traditional branches actually achieved a slight increase in sales in the first half," Lloyd U. Noland, chairman, said in a statement. "If the weather cooperates, the strong housing construction market should provide us with sufficient opportunity to improve sales results in the second half."