HARDI Distributors Annual Sales Growth through September 2019 chart

HARDI Distributors Report 11.9% Percent Revenue Growth in September

December 19, 2019

Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing the average sales performance by HARDI distributors was an increase of 11.9% percent during September 2019. The average annualized sales growth for the 12 months through September 2019 is 7.4 percent.

HARDI Distributors Annual Sales Growth through September 2019 chart“Sales growth for the month near 12% looks good when realize it is being compared against a strong prior year when temperatures across much of the country were above normal in each of our seven economic regions,” said HARDI Market Research & Benchmarking Analyst Brian Loftus. “September 2019 had the benefit of an extra billing day to boost the sales growth comparison.”

The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, is now 46.5 days. “That is up from this summer, but consistent with annual seasonality,” said Loftus. “46.5 is comparable to last year at this time.” “The economy continues to do very well,” said Loftus. “The annual sales growth easing back into more normal high single-digit territory reflects the difficult comparison against the accommodating weather pattern last year, and the industry PPI easing from the 6.2% peak annual rate of increase achieved in April to 3.8% through September.”

The October jobs report includes significant increases to the August and September estimates. 108 consecutive months, nine years, of job gains has pushed the national unemployment rate last experienced in 1969. HARDI members do not receive financial compensation in exchange for their monthly sales data and can discontinue their participation without prior notice or penalty. Participation is voluntary, and the depth of market coverage varies from region to region.

An independent entity collects and compiles the data that can include products not directly associated with the HVACR industry.


HARDI (Heating, Air-conditioning and Refrigeration Distributors International) is the single voice of wholesale distribution within the HVACR industry. HARDI members market, distribute, and support heating, air-conditioning, and refrigeration equipment, parts and supplies. HARDI Distributor members serve installation and service/replacement contractors in residential and commercial markets, as well as commercial/industrial and institutional maintenance staffs. HARDI proudly represents more than 480 distributor members representing more than 5,000 branch locations, and close to 500 suppliers, manufacturer representatives and service vendors.