Heating, Air-conditioning and Refrigeration Distributors International reported 15 percent sales growth for September. The annualized growth through September is 6.9 percent and at the upper end of the 6 percent to 7 percent range for 2014.
Six of the seven reporting regions experienced double-digit growth during the month.
“The 15 percent growth in September is the strongest monthly performance this year,” said Brian Loftus, HARDI market research and benchmarking analyst. “This is only the eighth time in the past five years when the average monthly sales growth has been 15 percent or higher.”
The Days Sales Outstanding, a measure of how quickly customers pay their bills, declined to the normal annual seasonal low of 45 days. The recent seasonal pattern indicates a gradual increase is likely to the low 50s by early next spring.
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.