The Vernon Hills-based firm reported third-quarter adjusted earnings of $3.26 per share, a sharp increase from the $2.71 recorded during the same period last year. This performance easily cleared the $2.98 consensus estimate from analysts polled by FactSet. Revenue growth proved equally strong, with sales rising nearly 18% to $6.75 billion, leaving the $6.19 billion expected by Wall Street well behind.
In section Market Quotes
CDW Surges to Yearly Peak on Strong Earnings and Dividend Hike
Investors pushed CDW shares to a 52-week high of $166.24 on Wednesday morning, rewarding the IT solutions provider for a quarter that comfortably outpaced analyst forecasts. The stock climbed 11% to $165.66 following a report that combined robust sales growth with a significant boost to the company's dividend payout.
Bolstered by these results, the board of directors authorized a 7.9% increase in the quarterly dividend, bringing the payout to 68 cents. This latest rally extends a positive run for the company, which has seen its share price climb 21% since the beginning of the year.
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