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HARDI Distributors Report 19.2% Percent Revenue Decline in April

June 12, 2020

Last week we released our monthly TRENDS report, showing the average sales performance by HARDI distributors was a decrease of 19.2% percent during April 2020.

The average annual sales growth for the 12 months through April 2020 is 1.3 percent.

HARDI Distributors Report chart April 2020“April’s decline reflected the COVID-19 disruptions with sales declines of 40% to 50% in the hot zones of the Northeast and Mid-Atlantic regions,” said HARDI Market Research & Benchmarking Analyst Brian Loftus. “The decline is exaggerated by the comparison to the 22% gain in April 2019 which was the best monthly sales growth since easy comps coming out of The Great Recession.”

The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, remained at 49 days. “49 this month is comparable to the average April performance of 48.5,” said Loftus. “We have been concerned about DSO given the C-19 market disruption and are very pleased to see the March and April reports are consistent with recent performance.”

“The unemployment rate surge to more than 15% was one of several factors that contributed to the 19% sales decline versus the extraordinary sales growth of April 2019,” said Loftus. “The challenge persists, and the next reported unemployment rate will be higher. We are more interested with looking forward. The monthly sales comparisons will be much better than this in the states where weekly continuing unemployment claims are declining.”

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.

If you would like more information, or would like to find out how to participate in our TRENDS reporting, contact Brian Loftus at bloftus@hardinet.org.


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.