HARDI Distributors Report 9% Revenue Increase in January

March 14, 2024

COLUMBUS, Ohio, March 5, 2024 – Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors increased by 9% during January 2024.

The annual sales growth for the 12 months through January 2024 is an increase of 0.2%.

“9% sales growth is a nice change from the 7% decline during December,” said HARDI Macroeconomic & Residential Market Analyst Brian Loftus. “The growth this month was helped by an extra billing day versus last year. With the same number of billing days we estimate the sales growth was closer to 4%.”

The Days Sales Outstanding, a measure of how quickly customers pay their bills, was near 42 days during January. “We hear of additional stress in the marketplace, but there is not enough to inflame the Days Sales Outstanding for the industry,” said Loftus. “The January 2024 DSO was a bit better than January of 2023 and January of 2022. The performance is impressive after the rapid increase in rates and market adjustment during the past year.”

“It looks like we are in a different world now with no sales growth after 20% annual sales gains not that long ago,” said Loftus. “Flat sales mean comparable to the boomtimes of a year ago. This is just the next phase of the normalization process. We expect to be back in normal growth territory during the back half of this year.”

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 staff. HARDI proudly represents more than 460 distributor members representing more than 5,000 branch locations, and close to 500 supplier, manufacturer representative and service vendor members