Heating, Air-conditioning and Refrigeration Distributors International reported a 6.5 percent sales increase for May. The annualized growth through May is 6.6 percent. The annual growth rate has remained between 6 and 7 percent for most of the past two years.
“This was a mixed report,” said Brian Loftus, HARDI market research & benchmarking analyst. “It was cooler than normal in much of the region and almost all our economic regions had territories with greater than normal precipitation. A slight offset was an extra billing day versus last year.”
The Days Sales Outstanding, a measure of how quickly customers pay their bills, is now at 48.4.
