CDW (CDW) Tops Q3 EPS by 4c
CDW (NASDAQ: CDW) reported Q3 EPS of $0.84, $0.04 better than the analyst estimate of $0.80. Revenue for the quarter came in at $3.5 billion versus the consensus estimate of $3.62 billion.
"Once again the strength of our business model - underpinned by our balanced portfolio of channels, diverse product and technology portfolio and focus on profitable growth - enabled us to deliver solid topline growth and excellent profitability while making progress against our strategic and capital allocation priorities," said Thomas E. Richards, chairman and chief executive officer of CDW. "This quarter's performance reinforces our confidence in our strategy and supports today's dividend action. Our new annual dividend rate of $0.43 per share is 59 percent higher than last year and more than double our initial $0.17 per share annual dividend following our IPO in June of 2013."
"Solid organic operating results were amplified by lower interest expense and incremental earnings from the acquisition of UK IT solutions provider, Kelway, helping us deliver a 31 percent increase in non-GAAP net income per share in the quarter," said Ann E. Ziegler, CDW's chief financial officer. "Given our performance to date and outlook for the fourth quarter we continue to expect to exceed our non-GAAP earnings per share target of mid-teens growth in 2015 and now look for growth in the low twenties."
"We continue to target profitable growth in 2015 and expect organic constant currency growth to outpace the US IT market by 200 to 300 basis points," continued Richards. "We remain laser-focused on execution and meeting the needs of our more than 250,000 customers in the US, Canada and the UK and remaining the partner of choice for more than 1,000 leading and emerging technology brands as the technology market continues to evolve."
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