CDW’s net income rises
THE ASSOCIATED PRESS August 2, 2013 9:04AM
VERNON HILLS — Information technology company CDW Corp., which went public in June, said Friday its second-quarter net income rose 27 percent on higher revenue from corporate and public clients.
Net income rose to $46.7 million from $36.8 million last year. Revenue rose nearly 8 percent to $2.78 billion from $2.5 billion last year.
“This quarter’s performance demonstrates the power of our balanced portfolio of customers, products and technologies when combined with our focus on execution and profitable growth as we once again grew faster than U.S. IT market estimates and delivered solid profitability,” said CEO Thomas Richards.
CDW raised about $400 million from its public offering in June, which it plans to use to pay down debt.
Based in Vernon Hills, CDW was a public company from 1993 until October 2007 — when it was purchased by Madison Dearborn and Providence Equity for about $7.4 billion.
It provides IT services to business, government, education and health care clients in the U.S.