NASDAQ$CDW
CDW Corp · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
CDW's first quarter performance in 2024 was marked by a decrease in net sales and net income, though strong gross profit margin and cash flow were maintained.
CDW Corporation reported a decrease in net sales by 4.5% and a decrease in net income by 6.1% for the first quarter of 2024. The company's gross profit margin, however, increased to 21.8%. Continued economic uncertainty has led customers to be cautious and measured in their approach to technology spending, resulting in a reduction or delay in their spend.
- Net sales decreased by 4.5% to $4,873 million compared to the first quarter of 2023.
- Gross profit decreased by 2.4% to $1,063 million, with a gross profit margin of 21.8%.
- Net income decreased by 6.1% to $216 million, with net income per diluted share at $1.59.
- The company is focused on optimizing cash flow generation through effective management of working capital, providing strategic flexibility across capital priorities.
Headline financials
Revenue & EPS history
CDW · Revenue · Quarterly
$4.87B
Revenue by segment
CDW · $5.98B total across 4 segments · Q2 2025
- Corporate$2.58B—43.2%
- Public$2.29B—38.3%
- Other$672M—11.2%
- Small Business$431M—7.2%
Forward guidance
CDW did not provide specific forward guidance in this earnings report. However, they mentioned that they remain well-positioned to attain their target of exceeding US IT market growth by 200 to 300 basis points on a constant currency basis.
Tailwinds
- Strong gross margin reinforces the significant progress in executing long-term strategy.
- Customers continue to turn to CDW to address their mission-critical IT and operational needs across the full IT solutions stack and lifecycle.
- 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.
- The company will continue to optimize its cash flow generation through effective management of its working capital.
- CDW aims to remain the partner of choice for more than 1,000 leading and emerging technology brands as the IT market continues to evolve.
Headwinds
- First quarter IT market conditions were weaker than expected.
- Caution, concern, and complexity adversely impacted customers' capital investment decisions.
- Customer decision-making has been elongated.
- The resulting decline in solutions spend was partially offset by demand for client devices.
- Continued economic uncertainty has led customers to be cautious and measured in their approach to technology spending, resulting in a reduction or delay in their spend.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+1.1%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+1.5%
Avg return
30 days after
61%
31 / 51 earnings
Positive
+11.2%
Q3 2018
Best reaction
-14.4%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | +2.2% | -25.0% | -2.7% | |
| Q4 2025 | +9.4% | +13.7% | -2.2% | |
| Q3 2025 | -8.7% | -8.0% | -6.6% | |
| Q1 2025 | +7.1% | +15.2% | +8.7% | |
| Q4 2024 | +3.4% | -3.9% | -15.5% | |
| Q3 2024 | -14.4% | -13.1% | -20.0% | |
| Q2 2024 | -8.1% | -11.1% | -2.9% | |
| Q1 2024 | -9.7% | -8.3% | -7.5% | |
| Q4 2023 | +5.8% | +5.0% | +7.6% | |
| Q3 2023 | +3.1% | +5.3% | +6.1% | |
| Q2 2023 | +6.4% | +8.3% | +13.8% | |
| Q1 2023 | -2.4% | -1.0% | +3.8% | |
| Q4 2022 | +2.0% | +6.0% | -4.4% | |
| Q3 2022 | +0.1% | -0.2% | +10.1% | |
| Q2 2022 | -0.2% | -1.0% | -6.6% | |
| Q1 2022 | +2.1% | -1.7% | +4.7% | |
| Q4 2021 | -5.8% | -9.6% | -12.7% | |
| Q3 2021 | -2.2% | -2.1% | +1.3% | |
| Q2 2021 | +2.9% | +2.3% | +9.4% | |
| Q1 2021 | -2.1% | -2.8% | -5.0% | |
| Q4 2020 | +3.5% | +2.5% | +5.6% | |
| Q3 2020 | +6.6% | +12.6% | +7.0% | |
| Q2 2020 | -4.0% | -5.5% | -4.4% | |
| Q1 2020 | -3.0% | -4.6% | +14.0% | |
| Q4 2019 | -2.5% | -0.1% | -18.0% | |
| Q3 2019 | +3.0% | +6.6% | +6.0% | |
| Q2 2019 | +4.3% | -5.3% | +1.7% | |
| Q1 2019 | +2.0% | +3.3% | -6.8% | |
| Q4 2018 | +5.8% | +8.6% | +8.1% | |
| Q3 2018 | +11.2% | +9.3% | +15.5% | |
| Q2 2018 | +1.6% | +2.5% | +4.4% | |
| Q1 2018 | +2.9% | +5.5% | +11.9% | |
| Q4 2017 | -5.7% | -6.7% | +1.6% | |
| Q3 2017 | +0.0% | +0.3% | -1.2% | |
| Q2 2017 | -0.8% | +0.0% | -2.7% | |
| Q1 2017 | +0.2% | -0.0% | +3.7% | |
| Q4 2016 | +7.0% | +9.9% | +11.5% | |
| Q3 2016 | -2.5% | +0.3% | +17.0% | |
| Q2 2016 | +3.9% | +5.5% | +5.0% | |
| Q1 2016 | +5.6% | — | — | |
| Q4 2015 | -1.6% | — | — | |
| Q3 2015 | +4.0% | — | — | |
| Q2 2015 | +8.8% | — | — | |
| Q1 2015 | -5.0% | — | — | |
| Q4 2014 | -0.2% | — | — | |
| Q3 2014 | +4.0% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | +5.6% | — | — | |
| Q4 2013 | +2.7% | — | — | |
| Q3 2013 | +4.3% | — | — | |
| Q2 2013 | +5.2% | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q1 2010 | — | — | — |
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