CDW reports Q1 EPS $2.03, consensus $2

Reports Q1 revenue $5.10B , consensus $5.17B ."The IT market experienced a marked shift in commercial buying behavior as economic uncertainty built during the quarter, driving a deeper than expected demand contraction. While this translated into lower business volume, the value of the solutions we provide customers continued to grow and we delivered record first quarter margins," said Christine A. Leahy, chair and chief executive officer, CDW. "The strategic actions we have taken over the past four years have both strengthened our value proposition and fortified our profitability." "We continue to convert earnings to cash at a consistent rate and optimize our use of cash flow through dividends, strategic M&A, and share repurchases, while maintaining an appropriate capital structure," said Albert J. Miralles, chief financial officer, CDW. "Given our resilient business model and our financial discipline, we remain confident in our ability to deliver the profitability, margins and cash flow our stakeholders have come to expect." "Within this period of economic uncertainty, our engagement with customers and partners is stronger than ever before. 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 will continue our laser focus 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.