TRENDS in 2 Minutes: September 2020

BY Brian Loftus
10/30/2020 - HVAC Market Intelligence

HARDI Distributors Report 13.9% Revenue increase in September

We released our monthly TRENDS report, showing the average sales performance by HARDI distributors was an increase of 13.9% during September 2020.

The average annual sales growth for the 12 months through September 2020 is 3.25%.


“Sales growth during September was helped by an extra billing day and challenged by difficult comparisons and heavy rains in the Southwest and Southeast,” said HARDI Market Research & Benchmarking Analyst Brian Loftus. “HARDI members see the supply chain challenges this summer in the elevated sales-to-inventory ratio per region. This insight each month is another benefit for participants.”

The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, is now at 41 days. “DSO ticked-up from 40 last month. The normal level for September is closer to 45 days so this was another unusually brisk report,” said Loftus. “Customers who participated in the economic relief programs are paying their bills quicker than normal, while the inventory shortages and search for scarce product increased the share of cash transactions.” 

“Weather did not help this month. Besides the heavy rain in the Southwest and Southeast, cooling degree days during September 2020 were down by -30% to -50% versus September 2019 in five of our seven economic regions,” said Loftus. “Distributor sales growth was helped by the housing market that is getting a boost from the historically low mortgage rates, and consumer confidence that is getting its own boost from the employment recovery”

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.

If you would like more information, or would like to find out how to participate in our TRENDS reporting, contact Brian Loftus at

View previous TRENDS in 2 videos.