CDW post $2.2M 3Q loss on debt expenses
NEWS: Information technology company CDW Corp. said Friday that it posted a loss of $2.2 million for the third quarter, pulled down by hefty debt-related charges. Its adjusted earnings and revenue topped analysts' estimates.
DETAILS: Corporate segment sales increased 12 percent to $1.47 billion, while public segment sales rose 7 percent to $1.25 billion.
Also on Friday, CDW said, which went public in June, said its board declared a quarterly cash dividend of 4.25 cents. The dividend will be paid on Dec. 2 to shareholders of record as of Nov. 15.
NUMBERS: For the quarter ended Sept. 30, CDW's loss amounted to 1 cent per share and compared with net income of $38 million, or 26 cents per share, in the same quarter of 2012. Excluding debt-refinancing charges, costs related to the company's initial public offering and other one-time items, CDW said it posted an adjusted profit of 50 cents per share.
Revenue rose 9 percent to $2.86 billion from $2.62 billion, as the company's average daily sales rose about 8 percent to $44.8 million.
Analysts, on average, expected a profit of 47 cents per share on $2.84 billion in revenue, according to FactSet.
SHARE ACTION: CDW shares rose $1.33, or 6 percent, to $23.32 in morning trading. Its shares are up 13 percent since the June IPO.