CDW Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period.
For the third quarter of 2024, CDW's net sales totaled $5,516.6 million, a decrease of 2.0% from $5,628.3 million in Q3 2023. The decline was attributed to reduced sales across several segments, particularly in the Corporate and Public sectors, which saw decreases of 2.9% and 3.6%, respectively. In contrast, the Small Business segment remained stable, with a slight increase in sales. For the nine months ended September 30, 2024, net sales were $15,812.7 million, down 3.3% from $16,357.5 million in the same period of 2023.
Despite the drop in sales, CDW's operating income for Q3 2024 increased slightly to $481.6 million, up 0.7% from $478.4 million in Q3 2023. However, for the nine-month period, operating income decreased marginally to $1,242.7 million from $1,245.9 million in 2023. Net income for Q3 2024 was $316.4 million, a slight increase from $315.5 million in the prior year, while net income for the nine months rose to $813.6 million from $808.2 million.
The company’s total assets as of September 30, 2024, increased to $14,376.7 million from $13,284.6 million at the end of 2023. Current assets also rose significantly to $7,661.6 million, driven by an increase in cash and cash equivalents, which reached $946.7 million, up from $588.7 million. Long-term debt increased to $5,607.5 million from $5,031.8 million, reflecting the issuance of new senior notes during the quarter.
CDW's cash flow from operating activities for the nine months ended September 30, 2024, was $932.0 million, down from $1,062.2 million in the same period of 2023. The company repurchased 1.6 million shares for $354 million during the nine months, compared to 2.4 million shares for $450 million in the previous year. Dividends paid increased to $249.0 million from $238.4 million.
The company continues to navigate a challenging economic environment, with cautious IT spending trends impacting sales. CDW remains focused on optimizing its operations and managing costs effectively, as evidenced by a decrease in selling and administrative expenses.
About CDW Corp
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