CDW Q2 net sales down 8.5% YoY, non-GAAP EPS up 3.2% to $2.56; declares $0.59 dividend

CDW Corp

2023-Q2 EPS reported $3.60 revenue$10,729,200,000

Net sales $5,626M (-8.5% YoY); GAAP diluted EPS $1.92 (-5.5%); non-GAAP EPS $2.56 (+3.2%).
Corporate segment sales -15.6%, Small Business -20.8%; Public +2.3% on Government +11.8%.
Gross margin improved to 21.0% from 19.0% due to higher product margin and mix.
Operating income $412M (-5.3%); non-GAAP op income $530M (+2.6%); margin 9.4%.
Board declared $0.59 quarterly cash dividend, payable Sept 12, 2023 to holders of record Aug 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 1.0

CDW Corp reported Three Months Ended June 30, 2023 results: revenue $ 5,626.1, net income 262.6, EPS $ 1.92.

Period: Three Months Ended June 30, 2023
Revenue: $ 5,626.1
Net income: 262.6
EPS: $ 1.92
Result: reported results

Exact text from the filing

(Dollars in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 % Chg. 2023 2022 % Chg. Net Sales $ 5,626.1 $ 6,145.8 (8.5) $ 10,729.2 $ 12,094.9 (11.3) Average Daily Sales 1 87.9 96.0 (8.5) 83.8 95.2 (12.0) Gross Profit 1,181.5 1,168.2 1.1 2,270.9 2,272.3 (0.1) Operating Income 412.2 435.3 (5.3) 767.5 822.2 (6.7) Net Income 262.6 279.3 (6.0) 492.7 529.5 (6.9) Non-GAAP Operating Income 2 529.8 516.3 2.6 964.1 978.4 (1.5) Net Income per Diluted Share $ 1.92 $ 2.04 (5.5) $ 3.60 $ 3.87 (6.9)

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CDW Corp reported Six Months Ended June 30, 2023 results: revenue $ 10,729.2, net income 492.7, EPS $ 3.60.

Period: Six Months Ended June 30, 2023
Revenue: $ 10,729.2
Net income: 492.7
EPS: $ 3.60
Result: reported results

Exact text from the filing

(Dollars in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 % Chg. 2023 2022 % Chg. Net Sales $ 5,626.1 $ 6,145.8 (8.5) $ 10,729.2 $ 12,094.9 (11.3) Average Daily Sales 1 87.9 96.0 (8.5) 83.8 95.2 (12.0) Gross Profit 1,181.5 1,168.2 1.1 2,270.9 2,272.3 (0.1) Operating Income 412.2 435.3 (5.3) 767.5 822.2 (6.7) Net Income 262.6 279.3 (6.0) 492.7 529.5 (6.9) Non-GAAP Operating Income 2 529.8 516.3 2.6 964.1 978.4 (1.5) Net Income per Diluted Share $ 1.92 $ 2.04 (5.5) $ 3.60 $ 3.87 (6.9)

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Source: SEC EDGAR

accession 0001402057-23-000130

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