HARDI Distributors Report 2.1% Revenue Decline in May

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,” Loftus said.

The underlying trend of the HARDI distributor sales growth during 2025 shows an improvement over 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,” Loftus said.