CDW Corp's first-quarter results miss on weak IT spending

(Reuters) - CDW Corp missed analysts' estimates for first-quarter results on Wednesday, hurt by weak demand for its IT solutions as customers cut back their technology budgets, sending the company's shares down about 5.5% before the bell.

Businesses are keeping their spending on technology under check and deferring large upgrades amid sticky inflation and high interest rates.

"First quarter IT market conditions were weaker than expected ... caution, concern and complexity adversely impacting customers' capital investment decisions and elongating customer decision-making," CDW's Chief Financial Officer Albert Miralles said.

The company provides IT solutions such as cloud and cybersecurity, and hardware products to enterprises and government customers in the United States, UK, and Canada.

CDW posted first-quarter net sales of $4.87 billion, compared with analysts' estimates of $5 billion, according to LSEG data.

On an adjusted basis, the company earned $1.92 per share, ahead of estimates of $2.15.

CDW's gross profit margin for the quarter was 21.8%, compared with 21.3% a year earlier.

(Reporting by Priyanka G in Bengaluru; Editing by Shounak Dasgupta)