Heating, Air-conditioning and Refrigeration Distributors International reported a 6.2 percent sales increase for July. The average annualized growth for the 12 months through July 2016 was 7 percent. This annual growth rate has generally remained within the 6 percent to 7 percent range for most of the past two years.
“The summer heat may have been slow to arrive but it has packed a punch this season,” said Brian Loftus, HARDI market research & benchmarking analyst. “There were 14.9 percent more cooling degree days this year versus July 2015. Sales growth would have been even better except the prior year had two more billing days.”
The Days Sales Outstanding, a measure of how quickly customers pay their bills, is now at 45.4.
