InnerWorkings Reports Record Sales
Includes Print Services And Promo Products
Counselor Top 40 distributor InnerWorkings (asi/168860) has announced that its 2012 sales – which include print services and promotional products – increased to a record $797.7 million, a year-over-year gain of 26%. For the fourth quarter of last year, the Chicago-based firm reported revenues of $175.2 million, a 19% improvement over the same period in 2011.
"We invested wisely in our global platform last year, built up our inside sales business, and added the necessary leadership across our international organization to drive our future growth," said Eric Belcher, CEO of InnerWorkings. "We enter this year with a strong sense of confidence in our ability to win new large contracts that will again drive strong organic growth in 2013 and beyond."
In Q4, although the clear majority of the company's sales were generated domestically, InnerWorkings reported 20% of its revenues were from international accounts, as the firm expands in Latin America and Asia. Overall in 2012, InnerWorkings also continued to excel in winning large client contracts, with its full-year 2012 enterprise account growth reaching 30%. Additionally, at the close of its fiscal year, InnerWorkings reported adjusted diluted earnings per share had increased by 17% to $0.41.
"We were not only able to maintain our growth and execute against our strategy by investing in the business over the past year, but we also made significant contributions to strengthen our balance sheet," said Joseph Busky, InnerWorkings' CFO.
In its latest financial statement, InnerWorkings is forecasting 2013 revenue of $930 million to $960 million, a projected year-over-year gain of 16% to 20%. Ranked by Counselor as the 12th-largest distributor in the industry, InnerWorkings reported 2011 North American ad specialty sales of $105.3 million.