HARDI Distributors Report Revenue Decline

Heating, Air-conditioning & Refrigeration Distributors International released its monthly TRENDS report, showing sales by HARDI distributors declined by -6.4% during June 2023.

The annual sales growth for the 12 months through June 2023 is 6.3%. The Days Sales Outstanding, a measure of how quickly customers pay their bills, was at 39 days during June.

The broken supply chains allowed the annual pace of industry price increases to surge to 26% last spring.  Passing through those price increases helped boost the reported sales growth. The annual price increase being passed through right now is less than 5%. The annual sales growth of Building Materials and Supplies Dealers in the Retail Sales report has been an effective leading indicator for TRENDS. That indicates this cycle is not close to the bottom yet.