WASHINGTON (dpa-AFX) - (Adds Dividend)
CDW Corporation (CDW) revealed a profit for its first quarter that increased from the same period last year and beat the Street estimates.
The company's bottom line came in at $250.2 million, or $1.83 per share. This compares with $232.6 million, or $1.63 per share, in last year's first quarter.
Excluding items, CDW Corporation reported adjusted earnings of $301.5 million or $2.20 per share for the period.
Analysts on average had expected the company to earn $2.01 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 23.0% to $5.949 billion from $4.838 billion last year.
Dividend:
CDW declared a quarterly dividend of $0.50 per share to be paid on June 10, to stockholders of record on May 25.
'We continue to intend to use cash flow after dividends to reduce outstanding debt and achieve our net leverage target range of 2.5 to 3.0 times by the end of 2022,' said Albert J. Miralles, chief financial officer. 'We expect to exceed our initial 2022 outlook to outpace US IT market growth by 200 to 300 basis points on a constant currency basis.'
CDW Corporation earnings at a glance (GAAP) :
-Earnings (Q1): $250.2 Mln. vs. $232.6 Mln. last year. -EPS (Q1): $1.83 vs. $1.63 last year. -Analyst Estimate: $2.01 -Revenue (Q1): $5.949 Bln vs. $4.838 Bln last year.
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