InnerWorkings Reports Record Q3 Revenue
Distributor InnerWorkings, Inc. (UPIC: corpedge) has released its financial results for the three months ended September 30, reporting record quarterly revenue with year-to-date gross profits up almost 10 percent.
“We have devoted considerable energy to developing our presence in the international markets and new service offerings over the last few years, and the benefits of these investments are becoming more apparent,” says Eric D. Belcher, chief executive officer of InnerWorkings. “With the strength of our global capabilities and rate of penetration with our existing accounts, I’m excited by our performance and the path I see ahead for InnerWorkings.”
The Chicago, Illinois, company’s gross revenue was $280 million in the third quarter, an increase of 5.8 percent compared with $264.7 million in the third quarter of 2015. Year-to-date gross revenue was $820.3 million, an increase of 8.1 percent compared with $759.0 million in the prior year period. Third quarter’s gross profit was $67.8 million, or 24.2 percent of gross revenue, a 6.6-percent increase compared to $63.6 million, or 24 percent of gross revenue, in the same period last year. Year-to-date gross profit was $194.8 million, or 23.8 percent of gross revenue, an increase of 9.7 percent compared to the prior-year period.
“Our third-quarter financial results demonstrate continued organic growth and further operating efficiency, particularly in our International segment,” says Jeffrey P. Pritchett, chief financial officer of InnerWorkings. “We are raising our financial performance expectations for 2016 as we continue to execute ahead of plan.”