HARDI Distributors Report 2.1% Revenue Decline in May

FOR IMMEDIATE RELEASE

Contact: Allison Greene, HARDI Marketing Director

Email: agreene@hardinet.org

Direct: 614.345.4328

HARDI Distributors Report 2.1% Revenue Decrease in May

COLUMBUS, OH – Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors declined by 2.1% during May 2025.

The annual sales growth for the 12 months through May 2025 is an increase of 3.9%.

“A sales decline during May is not unexpected since the cooling degree days were off by 25% from last year,” said Brian Loftus, Macroeconomic and Residential Market Analyst at HARDI. “Another drag on the sales growth was this May had one less billing day than May of 2024. With the same number of billing days, we estimate the sales growth was better than 2.5%.”

The monthly sales survey also calculates distributor’s Days Sales Outstanding, a measure of how quickly customers pay their bills. “The DSO turned at 37 days during May of 2025 after being close to 40 days for the month from 2021 through 2024,” said Loftus.

The underlying trend of the HARDI distributor sales growth during 2025 has been a nice improvement versus last year. “After adjusting for the same number of billing days, the rolling three-month average monthly sales growth has been in the 5% to 6% range so far this year versus the 2% area last year,” said Loftus. “But so far this year inventories have been growing faster than sales. Hopefully those boxes begin to melt away now that summer has arrived.

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.

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ABOUT HARDI

HARDI (Heating, Air-conditioning and Refrigeration Distributors International) is the single voice of wholesale distribution within the North American and Latin American HVACR markets.

A non-profit association, HARDI serves its members through government affairs and advocacy efforts, market intelligence and benchmarking, training programs, and world class events. HARDI proudly represents more than 490 distributor members and their 5,000 + branch locations, and close to 500 suppliers, manufacturer representatives and service vendors. HARDI Distributor members serve installation and service/replacement contractors in residential and commercial markets, as well as commercial/industrial and institutional maintenance staffs. HARDI Affiliate members market, distribute, and support heating, air-conditioning, and refrigeration equipment, parts and supplies.