CDW Corp., a leading multi-brand provider of information technology solutions, reported weaker-than-expected earnings for the third quarter of 2024, as persistent economic uncertainty and a complex technology landscape led customers to be cautious and measured in their technology spending.

The company's net sales declined by 2% year-over-year to $5.52 billion, falling short of analysts' estimates of $5.72 billion. The drop in revenue was primarily driven by a decline in net sales across the Corporate and Public segments, partially offset by growth in the company's UK and Canadian operations.

CDW's Chief Financial Officer, Albert J. Miralles, attributed the earnings miss to customers delaying projects and being cautious with their technology investments due to economic uncertainty and the evolving technology landscape. While the company's cloud and end-point solutions performed well, the lower demand for hardware solutions could not be offset, impacting overall revenue.

Despite the weaker-than-expected results, CDW's gross profit margin remained consistent at 21.8% for both the third quarters of 2024 and 2023, reinforcing the integrity of its strategy. The company also raised its quarterly cash dividend by 1%, highlighting its commitment to delivering value to stockholders.

Looking ahead, CDW remains focused on addressing its customers' mission-critical IT and operational needs across the full IT solutions stack and lifecycle. The company aims to exceed US IT market growth by 200 to 300 basis points on a constant currency basis, leveraging its value proposition as customers navigate the evolving technology landscape.