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Home » Distribution Industry News » HARDI Distributors See May Sales Dip Amid Cooler Weather, Fewer Billing Days

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  • Published on: July 3, 2025

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Distribution Industry News

HARDI Distributors See May Sales Dip Amid Cooler Weather, Fewer Billing Days

Sales for members of Heating, Air-conditioning & Refrigeration Distributors International (HARDI) fell 2.1% in May 2025 compared to the same month last year, according to the association’s latest Trends report.

The decline was attributed to a 25% year-over-year drop in cooling degree days, an important indicator of air conditioning demand—and one fewer billing day in May versus 2024. When adjusted for billing days, HARDI estimates sales would have grown by more than 2.5%.

“The weather-driven demand shortfall wasn’t surprising,” said Brian Loftus, HARDI’s macroeconomic and residential market analyst. “But we’re still seeing some strength when adjusting for calendar effects.”

Despite May’s decline, annual sales for the 12 months ending in May rose 3.9%. The three-month rolling average for sales growth remained steady between 5% and 6%, a notable increase from the 2% growth rate seen during the same period last year.

Another positive sign: Days Sales Outstanding (DSO)—a measure of how quickly customers pay—improved to 37 days in May, down from approximately 40 days during the same month from 2021 to 2024.

Still, Loftus flagged one area of concern: rising inventory levels. “Hopefully those boxes begin to melt away now that summer has arrived,” he said.

HARDI’s monthly report is based on voluntary data submissions from member distributors across North America. Regional coverage and product mix may vary, and not all reported sales are strictly tied to HVACR equipment.

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