Sales of $548.1 million were 16% higher than for 2003. Plumbing sales, which benefited from rising prices, were up 18%, and air conditioning sales rose 14%. Electrical/industrial sales increased 13%, mostly due to Noland's sharper focus on the strong commercial construction market, according to Lloyd U. Noland III, chairman.
Although gross profit margins were down slightly due to costs associated with the LIFO method of accounting for inventories, higher sales led to a 12% increase in gross profit for the year.