HARDI Distributors Report 11.9% Revenue Growth in September
Heating, Air-conditioning & Refrigeration Distributors International released its monthly TRENDS report, showing the average sales performance by HARDI distributors was an increase of 11.9% during September 2019.
The average annualized sales growth for the 12 months through September 2019 is 7.4%.
“Sales growth for the month near 12% looks good when we realize it is being compared against a strong prior year when temperatures across much of the country were above normal in each of our seven economic regions,” said HARDI Market Research & Benchmarking Analyst Brian Loftus. “September 2019 had the benefit of an extra billing day to boost the sales growth comparison.”
The days sales outstanding, a measure of how quickly customers pay their bills, is now 46.5 days. “That is up from this summer, but consistent with annual seasonality,” said Loftus. “46.5 is comparable to last year at this time.”
“The economy continues to do very well,” said Loftus. “The annual sales growth easing back into more normal high single-digit territory reflects the difficult comparison against the accommodating weather pattern last year, and the industry PPI easing from the 6.2% peak annual rate of increase achieved in April to 3.8% through September.” The October jobs report includes significant increases to the August and September estimates. Nine years, 108 consecutive months, of job gains has pushed the national unemployment rate last experienced in 1969.