HARDI Distributors Report 1.9% Revenue Increase in June

COLUMBUS —
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,” said Loftus. “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.”

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.