CDW authorizes $750 million share repurchase program

LINCOLNSHIRE - CDW Corp. announced fiscal year earnings Wednesday, as well as a $750 million increase to the company's share repurchase program.

CDW also said it will increase its cash dividend to 59 cents per common share, to be paid to all stockholders of record as of the close of business on Feb. 24, an 18% increase over last year's dividend.

Total net sales in fiscal year 2022 were $23.7 billion, compared to $20.8 billion in 2021, an increase of 14.1% percent, the company said. This increase includes the contribution from the acquisition of Sirius, which closed in December 2021.

"Since our (initial public offering) in June 2013, our dividend has increased tenfold and we have returned more than $5.5 billion to stockholders through share repurchases and dividends," said Albert J. Miralles, chief financial officer, CDW. "Share repurchases and annual dividend increases continue to be an important part of our capital allocation priorities, along with managing our net leverage and making strategic acquisitions."

CDW is a leading multibrand provider of computers and information technology solutions to business, government, education and health care customers in the United States, the United Kingdom and Canada.