Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors increased by 1.9% during June 2024.

The annual sales growth for the 12 months through June 2024 is an increase of 2.5%. 

“It was warmer than normal in all seven of our regions during June, and there were twice as many cooling degree days than the prior year in four of our regions,” said HARDI Macroeconomic & Residential Market Analyst Brian Loftus.  “Another big difference is there were two fewer billing days than last year.  We estimate the sales growth would have been closer to 12% with the same number of billing days.”

The Days Sales Outstanding, a measure of how quickly customers pay their bills, was near 38 days during June. “The 38-day DSO for June was a bit better than recent results,” said Loftus.  “June of 2021, 2022, and 2023 was near 39 days. Softer demand has not been a noticeable drag on customer’s abilities to pay their bills.”

“That annual rate is showing some life after being about flat during the first calendar quarter,” Loftus added. “We hope that will continue with easy comps during the back half of the year, steady or improving economic conditions in most of our seven economic regions, and it starts with two extra billing days this July versus last year.”