CDW reports slower sales, IT outlook

LINCOLNSHIRE - CDW Corp. reported preliminary results for its fiscal year first quarter ended March 31, and updated its U.S. IT industry outlook.

First quarter net sales were approximately $5.1 billion, the company said. CDW is a provider of computer hardware, software and information technology solutions to businesses, government, education and health care customers in the United States, the United Kingdom and Canada.

"The first quarter was marked by a period of intensifying economic uncertainty that led our customers to spend more cautiously and prioritize mission critical initiatives," said Christine A. Leahy, chair, president and chief executive officer, CDW. "This demand contraction resulted in first-quarter performance below our expectations. Volume declines were most acute with our largest commercial customers and across transactional products."

She said sales are expected to remain slower than anticipated for the remainder of the year.

"Given first-quarter market performance and near-term conditions, we currently expect the U.S. IT market to decline at a high single-digit rate in 2023, recognizing that a number of wild cards may impact this view as the year progresses," Leahy said.