Heating, Air-conditioning & Refrigeration Distributors International (HARDI) reported that sales of HARDI-member distributors increased by 6.8% in April month-over-month.
The annual sales growth for the 12 months through April is an increase of 4.0%.
“The annual sales growth of HARDI distributors has been trending flat/up for a year now,” HARDI Macroeconomic and Residential Market Analyst Brian Loftus said in a June 2 news release. “April is the first month of cooling season but the next three or four months are the ones that will have the greatest influence on whether that trend can continue.”
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The monthly sales survey also calculates distributors’ Days Sales Outstanding (DSO) — a measure of how quickly customers pay their bills.
“The DSO turned at 38 days during April of 2025 after being close to 41 days for the month from 2021 through 2024,” Loftus said.
HARDI’s monthly report noted that interest rates remain high despite three Fed rate cuts. Housing data is flat to weak, the ABI index remains soft, but HARDI distributor sales growth is trending up.
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Loftus added: “The monthly sales growth has been trending better during the past few months than during 2024. May and June this year will test that performance because cooling degree days were above normal in most regions during May and June last year.”
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