COLUMBUS, Ohio — Heating, Air-conditioning & Refrigeration Distributors International (HARDI) distributor members’ average sales increased by 12.2% in February 2019, according to the organization’s monthly TRENDS report. The average annualized growth for the 12 months through February 2019 is 11 percent.

“January and February are the slowest months of the year for HARDI distributors,” said Brian Loftus, market research and benchmarking analyst, HARDI. “2019 got off to a slow start, but five of our seven economic regions reported double-digit sales gains in February.”

February had the same number of billing days as the prior year but more heating degree days versus a mild February 2018.

“February sales came in strong despite being up against strong comps last year," said Paul Hallmann, economist, HARDI. “Economic headwinds remain in place, but softer comps should provide support for strong growth numbers to continue in March and April.”

The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, is near 50 days.

“Until this year the DSO has remained at fairly consistent levels for each month of the year,” said Loftus. “January and February 2019 are at higher levels than the beginning of 2017 or 2018.  It looks like another tile in the slowing economy mosaic.”

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. For more information, visit

Publication date: 04/05/19