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Jun 30, 2023
CDW Q2 2023 Earnings Report
CDW's financial performance reflected strong margins and execution, reinforcing the durability of its strategy.
Key Takeaways
CDW Corporation reported a decrease in net sales by 8.5% to $5,626.1 million, but an increase in gross profit by 1.1% to $1,181.5 million for the second quarter of 2023. Despite a decrease in operating and net income, non-GAAP operating income and non-GAAP net income increased, showcasing the company's financial discipline amid economic uncertainty.
Net sales decreased by 8.5% compared to the second quarter of 2022, mainly driven by declines in the Corporate and Small Business segments and in the UK and Canada.
Gross profit increased by 1.1% with gross profit margin rising to 21.0% due to higher product margin and a higher mix of netted down revenue.
Operating income decreased by 5.3%, while non-GAAP operating income increased by 2.6%.
Net income per diluted share decreased by 5.5%, but non-GAAP net income per diluted share increased by 3.2%.
Revenue by Segment
Forward Guidance
CDW remains well-positioned to attain its target of exceeding US IT market growth by 200 to 300 basis points on a constant currency basis.
Positive Outlook
- Continue laser focus on meeting the needs of more than 250,000 customers around the globe
- Remaining the partner of choice for more than 1,000 leading and emerging technology brands as the IT market continues to evolve.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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