Heating, Air-conditioning & Refrigeration Distributors International released its monthly TRENDS report, showing the average sales performance by HARDI distributors was an increase of 26.4% during August 2021.
The average annual sales growth for the 12 months through August 2021 is 18.7%.
“August was the sixth month this year with sales growth that exceeded 20%,” said HARDI Market Research & Benchmarking Analyst Brian Loftus. “Along with the continued underlying strong demand, this month was helped by an extra billing day, warmer than normal temps in five of seven regions and passing through the price increases.”
The days sales outstanding, a measure of how quickly customers pay their bills, was 40 days at the end of August 2021. “Like July, the 40-day DSO is about four days quicker than this time of year before the COVID related business interruptions,” said Loftus.
The annual sales growth of 18.7% through August is a new record for HARDI distributor’s average annual growth rate. “This record growth rate is a result of the easy comparison last year when sales were interrupted, followed by a demand jolt from the stimulus dollars, and then 8-10% from price increases that are being passed through,” said Loftus. “Next year will look much different.”