CDW Q1 net sales down 14.2% YoY; EPS $1.68, non-GAAP $2.03; declares $0.59 dividend

CDW Corp

2023-Q1 EPS reported $1.68 revenue$5,103,100,000

Net sales $5.1B, down 14.2% YoY; diluted EPS $1.68 vs $1.83; non-GAAP EPS $2.03 vs $2.20.
Gross profit margin improved to 21.3% from 18.6% on higher product margin and software mix.
Corporate segment sales down 17.4%; Small Business down 22.7%; Public down 12.2% led by education -27.4%.
CEO cites deeper-than-expected IT demand contraction but says record first-quarter margins.
Board declares $0.59 quarterly dividend, payable June 13, 2023, to holders of record May 25.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CDW Corp reported first quarter 2023 results: revenue $5,103.1, net income $230.1, EPS $1.68.

Period: first quarter 2023
Revenue: $5,103.1
Net income: $230.1
EPS: $1.68
Result: reported results

Exact text from the filing

Record First Quarter Profit Margins Reinforce Durability of Strategy (Dollars in millions, except per share amounts) Three Months Ended March 31, 2023 2022 % Chg. Net Sales $ 5,103.1 $ 5,949.1 (14.2) Average Daily Sales 1 79.7 94.4 (15.6) Gross Profit 1,089.4 1,104.1 (1.3) Operating Income 355.3 386.9 (8.2) Net Income 230.1 250.2 (8.0) Non-GAAP Operating

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Source: SEC EDGAR

accession 0001402057-23-000089

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