HARDI Distributors Report 14.9 Percent Revenue Growth in July

October 03, 2019

Heating, Air-conditioning & Refrigeration Distributors International (HARDI) recently released its monthly TRENDS report, showing the average sales performance by HARDI distributors was an increase of 14.9 percent during July 2019.

The average annualized sales growth for the 12 months through July 2019 is 8.7 percent.

“It is nice to see mid-teens growth after two soft months,” said HARDI Market Research & Benchmarking Analyst Brian Loftus. “Distributors were busy during July of 2018, so it was not an easy comparison. Demand this month got a boost from 10% to 20% more cooling degree days in four of our seven regions, and an extra billing day versus last year.”

The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, is now 44.6 days. “The DSO is about equal to this time last year,” said Loftus. “There is no hint of fiscal stress in the marketplace with this metric.”

“The duration of our economic expansion is historic, but economic cycles are not extinct,” said Loftus. “The inverted yield curve and other indicators have inspired the Fed to change course with their tightening program. That stimulus takes time, so with more difficult comparisons ahead we expect the TRENDS annual growth rate will remain under pressure.”

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.