InnerWorkings Reports 12% Rise In Sales
4th Q Saw 2% Rise
Counselor Top 40 distributor InnerWorkings (asi/168860) has announced its 2014 total revenues were $1 billion, a year-over-year increase of 12%. In the fourth quarter, the firm’s sales – which include print materials, promotional products and other services – were $246.6 million, a 2% jump compared to Q4 of 2013.
“We drove double digit revenue growth again and improved our profitability profile significantly during the year,” said Eric D. Belcher, CEO of InnerWorkings. “We reached an important milestone as we crossed the one billion dollar revenue mark, and more importantly, we leveraged our newer capabilities, added depth to our global management team, and shifted our focus to long-term organic growth.”
For its 2014 fiscal year, InnerWorkings reported more than two thirds of its revenue growth was organic, as the company continues to serve clients like Callaway, Energizer, FedEx, Novartis and Pizza Hut. The firm’s non-GAAP adjusted EBITDA was $42.8 million, a 59% increase compared to a year earlier. Non-GAAP diluted earnings per share were $0.20, a 122% rise over 2013. InnerWorkings’ North American business accounted for 68% of its 2014 revenues, while international segments accounted for 32%.
In its outlook, InnerWorkings said it expects its 2015 sales to range between $1.04 billion and $1.06 billion, representing annualized growth of 4% to 6%. “In the year ahead, we will continue our focus on driving organic growth by acquiring new customers and expanding existing relationships, while demonstrating increased operating leverage as we grow our profitability faster than the top-line,” Belcher said.
Counselor ranks InnerWorkings as the 11th-largest distributor in the industry after the firm reported 2013 North American ad specialty sales of $115 million, a year-over-year increase of 0.8%.