- May 2022 data by AHRI or Air-Conditioning, Heating & Refrigeration Institute shows central air shipment growth flat Y/Y (compares to May 2021 rise of 31% Y/Y); numbers improved from -4% in April, however the sequential increase in May +9% was less than typical seasonality (historical average of 20%)
- U.S. shipments of residential gas storage water heaters for May 2022 decreased 13.1% Y/Y to 339,620. units; Residential electric storage water heater shipments decreased 5.3% in May 2022 to 384,295 units.
- YTD shipments of residential gas storage water heaters and residential electric storage water heater was -5.6% and +4.4% respectively.
- Commercial gas storage water heater shipments down 7.7% Y/Y; commercial electric storage water heater shipments down 25.4% Y/Y.
- YTD, gas warm air furnaces for May 2022 slumped 6%; Oil warm air furnace shipments tumble 13.2%.
- Combined shipments of central air conditioners + air-source heat pumps increased 3.4%, to ~4.99M units; central air conditioners increased 2.4% to ~2.65M units; total for heat pump shipments increased 4.9% to ~1.74M.
- By vertical, Light commercial shipments were -12% Y/Y (same as April), while larger commercial shipments were flat Y/Y (improved from -3% last month).
- Related tickers from the segment include: Carrier Global (CARR); Johnson Controls International (JCI); Lennox International (LII); Trane Technologies (TT)
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