The average sales performance by Heating, Air-conditioning & Refrigeration Distributors International (HARDI) members was an increase of 4% percent during February 2023, according to the organization’s monthly TRENDS report.
“Since February is responsible for the smallest share of annual revenues for each of our regions, it has not been a good indicator of market direction,” said HARDI Macroeconomic & Residential Market Analyst Brian Loftus. “The sales growth this month was challenged by being compared to a very strong 27.5% gain during February 2022 and the heating degree days during February 2023 were well below normal in four of our seven regions.”
The Days Sales Outstanding — a measure of how quickly customers pay their bills — remains in the 43-day area, Loftus said.
“The DSO usually runs a little longer during the winter months,” he said. “The DSO this month is comparable to February during 2021 and 2022.”
Loftus added in the report: “HARDI distributor’s annual sales growth reflects COVID’s impact on our economy. The COVID uncertainty squeezed the annual sales growth to the low single-digits pace during most of 2020 before it took off towards more than 20% during 2021 where it remained for more than a year. One year ago, the Fed started to put the brakes on the economy and our annual sales growth reflects that effort. The brakes are still on.”