CDW Corporation reports news about its role as a multi-brand provider of information technology solutions for business, government, education and healthcare customers in the United States, the United Kingdom and Canada. Company updates commonly cover hardware, software, integrated IT solutions and services across hybrid infrastructure, cloud capabilities, digital experience and security.
Recurring CDW developments include operating results, quarterly cash dividends, investor conference participation, executive and strategy roles, segment activity and cybersecurity research from CDW Canada. News also reflects customer demand trends across Commercial, Government, Education and international operations grouped in Other.
CDW Corporation (Nasdaq: CDW), a prominent provider of IT solutions, has released preliminary results for Q1 2023, ending March 31. The quarter experienced economic uncertainty, leading to cautious spending from customers. Net sales reached approximately $5.1 billion, but performance fell short of expectations, especially in sales to large commercial clients and transactional products. While solutions showed more resilience, they too did not meet anticipated benchmarks. Consequently, CDW predicts a high single-digit decline in the US IT market for 2023. Nonetheless, the company aims for net sales growth that outpaces market declines by 200 to 300 basis points. Cash flow was strong, allowing CDW to return about $280 million to shareholders through dividends and share buybacks, despite anticipating non-GAAP earnings per share to be below that of full-year 2022.
CDW Canada has released its latest findings from the 2023 Penetration Testing Survey, conducted among 500 IT decision-makers in Canada, highlighting the pressing need for robust cybersecurity measures.
Notably, over one-in-three (36%) organizations reported a security breach in the past year. A significant portion (80%) stemmed from external sources, while 61% were internal breaches, underscoring the importance of employee training in security best practices.
The survey identified that ransomware attacks (34%), business email compromises (34%), and phishing attacks (33%) were the most prevalent breaches. Additionally, over half (54%) of IT professionals indicated that the shift to remote or hybrid work has exacerbated security risks.
CDW Canada emphasizes the necessity of penetration testing as a strategy to mitigate these vulnerabilities effectively.
CDW Corporation (Nasdaq: CDW) announces the retirement of board member Paul J. Finnegan, effective before the 2023 annual meeting of stockholders. Finnegan has served on the board for 12 years, contributing invaluable insights during significant industry changes and strategic acquisitions. The company expresses gratitude for his service and leadership in fostering a strong CDW culture. Finnegan reflected on the company's evolution and future growth opportunities, highlighting CDW's solid positioning for continued success.
CDW Corporation (Nasdaq: CDW), a prominent multi-brand provider of IT solutions, announced that Albert J. Miralles, CFO, will participate in a Q&A session at the Morgan Stanley Technology, Media & Telecom Conference. The event is scheduled for March 7, 2023, at 3:30 p.m. CT in San Francisco, California, and will be available via live webcast on the investor website. CDW, a Fortune 500 company, reported net sales of approximately $24 billion for the year ending December 31, 2022, and employs around 15,100 individuals across the U.S., U.K., and Canada.
CDW Corporation announced a $750 million increase to its share repurchase program and declared a quarterly cash dividend of $0.59 per share, reflecting an 18 percent rise from last year's dividend. The dividend will be paid on March 10, 2023, to all stockholders of record as of February 24, 2023. Since its IPO in June 2013, CDW has returned over $5.5 billion to stockholders through dividends and share repurchases. The new buyback is incremental to about $88 million remaining from the previous program. CDW emphasizes delivering value through strategic capital allocation and dividend growth.
CDW Corporation (Nasdaq: CDW) reported its fourth quarter and annual results for 2022, showcasing a mixed performance. In Q4, net sales were $5,438 million, a 1.8% decline from 2021, with a constant currency decrease of 0.4%. However, full-year net sales rose 14.1% to $23,749 million, bolstered by the Sirius acquisition. Gross profit increased 21.1% in Q4, reaching $1,181 million, while operating income soared 31.6% to $447 million. The company raised its quarterly dividend by 18% to $0.59 per share and authorized an additional $750 million for share repurchases. CDW anticipates increasing its market growth by 200-300 basis points in 2023.
CDW Corporation (Nasdaq: CDW) will host a webcast conference call on February 8, 2023, at 7:30 a.m. CT to discuss its fourth quarter and full year 2022 results. Interested parties can access the webcast, which will include audio and slides, on the investor.CDW.com site. Participants should aim to log in at least 15 minutes beforehand to ensure the necessary software is installed. A replay of the webcast will be available shortly after the call.
CDW, a leading multi-brand IT solutions provider with over $24 billion in net sales for the trailing twelve months ended September 30, 2022, serves customers across the US, UK, and Canada.
CDW Corporation announced key changes to its Board of Directors, with Christine A. Leahy appointed as Board Chair, following her role as CEO since 2019. Under her leadership, net sales grew from $16 billion to approximately $24 billion in the trailing twelve months ending September 30, 2022. David W. Nelms transitions to Lead Independent Director, while Marc E. Jones joins the Board, expanding it from 10 to 11 members. Jones brings extensive technology industry experience, currently serving as CEO of Aeris Communications.
CDW has been awarded the 2022 Global Customer Value Leadership Award by Frost & Sullivan for its excellence in digital transformation services. The recognition highlights CDW's extensive portfolio, which includes cloud, security, and IT solutions, supporting clients through supply chain challenges. With a workforce of 15,000 and $24 billion in net sales over the past year, CDW demonstrates a commitment to customer-centric strategies and innovative technology solutions. This award emphasizes the company's impact on customer retention and value creation in the digital transformation sector.
The inaugural season of UNDERRATED Golf, launched by Stephen Curry, concluded successfully with the Curry Cup on August 30, 2022, at TPC Harding Park, naming Ashley Shaw and Roman Solomon champions. This initiative, aimed at empowering underrepresented youth in golf, involved support from significant corporate partners, including CDW and Cisco, providing training and equipment to 136 junior golfers. The program also addresses gender equity in sports, focusing on educational opportunities and career-building courses through Curry's upcoming 'Curry Academy'.