InnerWorkings Reports Third Quarter 2017 Results
Distributor InnerWorkings, Inc. has released financial results for the three months ending September 30. The Chicago, Illinois-based company reports gross revenue of $288.4 million in third quarter, a three-percent increase over the same period last year, and year-to-date revenue of $835.3 million, a two percent increase compared to the prior period.
The company also posted record gross profit of $72.5 million, or 25.1 percent of gross revenue in the third quarter, a seven percent increase compared to $67.8 million, or 24.2 percent of gross revenue, in the same period of last year. Year-to-date gross profit was $207 million, or 24.8 percent of gross revenue, an increase of six percent compared to the prior-year period. Net income was $7.5 million or $0.14 per diluted share in the third quarter, compared to net income of $4.3 million or $0.08 per share in the third quarter of 2016. Year-to-date net income was $17.5 million or $0.32 per diluted share, compared to a net loss of $700,000 in the same period of 2016.
InnerWorkings reports that it has continued to sign new enterprise contracts in recent months, bringing the year-to-date cumulative total to more than $100 million of annual gross revenue at full run-rate. The largest of the new wins during the third quarter is a partnership with a Detroit-based financial services firm to manage the company's direct marketing and creative services execution.
“The investments we have made to build our global capabilities and technology platform are paying off in a meaningful way,” says Eric D. Belcher, CEO of InnerWorkings. “Our large backlog of new business awards and pipeline of pursuits position us well for 2018 and beyond.”
Jeffrey P. Pritchett, CFO, adds, “We are continuing to improve our mix of high value-add services leading to stronger net revenue and profit performance. We expect 2017 to be another record year on both the top and bottom line.”