Press release
CDW Reports Second Quarter 2020 Earnings
Reinforces Power of Business Model and Strategy (Dollars in millions, except per share amounts)Three Months Ended June 30, 2020Three Months Ended June 30,
About this update from Cdw Corporation
[{"type":"text","content":"Reinforces Power of Business Model and Strategy\n (Dollars in millions, except per share amounts)Three Months Ended June 30, 2020Three Months Ended June 30, 2019%Chg.Six Months Ended June 30, 2020Six Months Ended June 30, 2019%Chg.Net Sales$4,365.7 $4,629.9 (5.7)$8,754.9 $8,587.8 1.9 Average Daily Sales168.2 72.3 (5.7)68.4 67.6 1.1 Gross Profit747.2 773.8 (3.4)1,503.7 1,445.9 4.0 Operating Income283.4 300.3 (5.6)529.2 529.2 — Net Income189.1 196.6 (3.8)357.0 349.5 2.2 Non-GAAP Operating Income2338.2 358.4 (5.6)642.1 645.7 (0.5)Net Income per Diluted Share$1.31 $1.33 (1.1)$2.47 $2.35 5.1 Non-GAAP Net Income per Diluted Share2$1.56 $1.60 (2.6)$2.94 $2.84 3.4 1 There were 64 selling days for both the three months ended June 30, 2020 and 2019. There were 128 and 127 selling days for the six months ended June 30, 2020 and 2019, respectively.2 Non-GAAP measures used in this release that are not based on accounting principles generally accepted in the United States of America are each defined and reconciled to the most directly comparable GAAP measure in the attached schedules. LINCOLNSHIRE, Ill., Aug. 05, 2020 (GLOBE NEWSWIRE) -- CDW Corporation (Nasdaq:CDW), a leading multi-brand technology solutions provider to business, government, education and healthcare customers in the United States, the United Kingdom and Canada, today announced second quarter 2020 results. CDW also announced the approval by its Board of Directors of a quarterly cash dividend to be paid in September 2020. “This quarter, our financial results reflected variances across our diversified customer end markets directly related to the impact of the COVID-19 pandemic,” said Christine A. Leahy, chief executive officer, CDW. “I am extremely proud of our dedicated coworkers, who continued to meet the needs of our customers amidst unprecedented circumstances. Customer priorities included remote enablement, business continuity, security, optimization, and digital transformation.” “CDW continues to be in a position of financial strength,” said Collin B. Kebo, chief financial officer, CDW. “We are confident in our balance sheet and liquidity position. We will continue to balance managing risk while supporting our customers.” “While the depth and duration of the impact from COVID-19 remain unknowable, I am confident that technology will continue to be essential throughout thi...