CDW reports Q1 EPS $1.92, consensus $2.15

Reports Q1 revenue $4.87B, consensus $5B. “Within a persistently challenging environment, our strong gross margin reinforces the significant progress we continue to make executing our long-term strategy,” said Christine A. Leahy, chair and chief executive officer, CDW. “During this time, the need for a trusted advisor has never been greater and our teams are helping customers navigate complexity and maximize return on their IT investments.” “First quarter IT market conditions were weaker than expected, with caution, concern, and complexity adversely impacting customers’ capital investment decisions and elongating customer decision-making. The resulting decline in solutions spend was partially offset by demand for client devices,” said Albert J. Miralles, chief financial officer, CDW. “In 2024, we will continue to optimize our cash flow generation through effective management of our working capital, providing strategic flexibility across our capital priorities including strategic M&A and share repurchases.” “Customers continue to turn to CDW to address their mission-critical IT and operational needs across the full IT solutions stack and lifecycle. We remain well-positioned to attain our target of exceeding US IT market growth by 200 to 300 basis points on a constant currency basis. To achieve this, we remain laser focused on meeting the needs of our more than 250,000 customers around the globe and remaining the partner of choice for more than 1,000 leading and emerging technology brands as the IT market continues to evolve,” concluded Leahy.