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HARDI Distributors Report 4.4 Percent Revenue Increase in January

April 03, 2019

Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing average sales growth for HARDI distributor members increased by 4.4 percent in January 2019.

The average annualized growth for the 12 months through January 2019 is 10.4 percent.

“January and February are the slowest months of the year for HARDI distributors,” said HARDI Market Research & Benchmarking Analyst Brian Loftus. “This year got off to a 4.4 percent start which looks pretty good when you realize it is being compared to a month that had a 19.4 percent gain.” So members were busy last January and were busier this year.

“January sales growth came in lower than what we’ve grown accustomed to seeing over the last 6 months, but given the difficult comps, a positive growth rate is a great outcome,” said HARDI Economist Paul Hallmann. “Comps will soften up for the next few months before trending towards double digits as we enter the summer months.”

The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, is now at 48.5 days. “The past few years the DSO has remained in a fairly consistent annual pattern,” said Loftus. “January was a day longer than January of 2018 which was a day longer than 2017. It looks like another tile in the ‘slowing economy’ mosaic.”

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.