InnerWorkings Announces Revenues, Profits Up In Second Quarter
Distributor InnerWorkings, Inc. has announced financial results for second quarter 2017, which ended June 30. The Chicago-based company reports gross revenue of $279.5 million in the second quarter, an increase of four percent compared to second quarter 2016’s $269.2 million. Year to date, the company’s gross revenue of $546.9 million is up one percent compared to the $540.3 million of the same period last year.
“Our second-quarter results reflect strong execution of our strategy,” says Eric D. Belcher, CEO. “We continue to win more business with new and existing clients on the strength of our global capabilities and our technology. Our business is improving its mix of high value-add services leading to stronger bottom-line performance.”
Gross profit in second quarter was a record $70.2 million, or 25.1 percent of gross revenue, an eight-percent increase compared to $65.1 million, or 24.2 percent of gross revenue, in the same period of last year. Year-to-date gross profit was $134.5 million, or 24.6 percent of gross revenue, a six-percent increase compared to last year.
InnerWorkings’ net income was $4.5 million in the second quarter, compared to a net loss of $2.3 million in the second quarter of 2016. Year to date, its net income was $10 million, against a loss of $5 million during the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) in the second quarter was $16.6 million, a 13-percent increase compared to second quarter 2016’s $14.8 million. Year to date, EBITDA was $28.9 million, a nine-percent increase compared to the same period in 2016.
“We continue to see robust growth in net revenue, which we believe is the most important sales growth indicator for our business,” adds Jeffrey P. Pritchett, chief financial officer of InnerWorkings. “Our net revenue and earnings outlook remain on track with additional profit improvement expected in the second half of the year, though we have moderated our gross revenue expectations for the second half of 2017.”
Looking ahead, InnerWorkings expects its 2017 annual gross revenue to range between $1.115 billion and $1.145 billion, and EBITDA for the full year to be between $65 million and $68 million.