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CDW will miss management's short-term growth forecast for fiscal Q1. The company is cutting costs to preserve its earnings power through the cyclical downturn.
CDW Corporation Stumbles Amid Challenging Market Conditions.
Shares of CDW Corporation tumbled more than 13% by Wednesday afternoon after the company warned its first-quarter sales numbers will fall short of Street expectations. The information technology services company said Tuesday morning that its sales for the quarter are expected to be around $5.1 billion — short of the $5.4 billion expected on average by analysts.
Wall Street was expecting CDW to report $5.6 billion in Q1 sales, but CDW just warned it's going to miss that target. Indeed, earnings for the entire year of 2023 will probably fall below 2022 levels.
IT services and consulting firm CDW warned 2023 U.S. IT spending will be down in the high single digits in 2023. Just one quarter ago CDW had seen it as flat.
CDW Corp. CDW, +0.73% shares dropped in the extended session Tuesday after the IT software provider forecast revenue below the Wall Street consensus because of tight business spending. CDW shares fell 9% after hours, following a 0.7% rise to close the regular session at $190.29.
Both CDW Corporation and Insight Enterprises stocks have beaten the S&P 500 in the last 12 months. The IT distribution sector enjoys favorable long-term trends.
CDW (CDW) reported earnings 30 days ago. What's next for the stock?
CDW vs. NOW: Which Stock Is the Better Value Option?
CDW Corporation (NASDAQ:CDW ) Q4 2022 Earnings Conference Call February 8, 2023 8:30 AM ET Company Participants Steve O'Brien - IR Chris Leahy - President, CEO & Chair Al Miralles - CFO Conference Call Participants Matt Sheerin - Stifel Ruplu Bhattacharya - Bank of America Merrill Lynch Samik Chatterjee - J.P. Morgan Amit Daryanani - Evercore Erik Woodring - Morgan Stanley Shannon Cross - Credit Suisse Jim Suva - Citigroup Keith Housum - Northcoast Research Adam Tindle - Raymond James Operator Hello, and welcome to CDW Fourth Quarter 2022 Earnings Call.