Heating, Air-conditioning & Refrigeration Distributors International released its monthly TRENDS report, showing sales by HARDI distributors increased by 9.8% during July 2024.
The annual sales growth for the 12 months through July 2024 is an increase of 2.6%.
“July was the second month this year when sales growth was in the 10% area,” said HARDI Macroeconomic & Residential Market Analyst Brian Loftus. “Just like the last time we achieved double-digit sales growth, the strong sales growth during July 2024 was due to two extra billing days. We estimate sales were about flat year-to-year with the same number of billing day.”
The Days Sales Outstanding, a measure of how quickly customers pay their bills, was 37 days during July. “June and July are the seasonal lows for DSO, but 37 is a new record,” said Loftus. “The DSO for July was near 40 the past few years. Maybe this brisk cycle is reflecting the modest pace of activity instead of financial stability.”
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