InnerWorkings Announces Q1 Financials
Company Added Brands Callaway, Novartis, And Pizza Hut in 1st Q
Top 40 distributor InnerWorkings (asi/168860) announced yesterday that it increased its revenues by 18% in the first quarter of 2014. With sales reaching $241.5 million in the three months ended March 31, the company also announced that it added name brands such as Callaway, Novartis, and Pizza Hut as clients in the first quarter.
"We executed against our plan in the first quarter and generated 12% organic enterprise revenue growth," said Eric D. Belcher, CEO of InnerWorkings and a member of the Counselor Power 50. "With a heightened focus on our core enterprise business and a growing contribution from our international segments, we expect to increase our operating leverage and improve our profitability as the year progresses."
While InnerWorkings doesn't publicly break out its promotional products sales from its print services on a quarterly basis, it did say that its North American business accounted for 69% of its overall revenues in the first quarter, while international business accounted for 31% of its sales. That mix was tilted significantly more toward domestic business last year, with 80% of first quarter 2013 sales coming from North America.
For full-year 2014 projections, the company reaffirmed its original revenue guidance, saying that it expects to record sales of $965 million to $1 billion by the end of this year, representing an increase of between 8% and 12%. In the promotional market, InnerWorkings ranks as the 12th-largest distributor and reported 2013 North American ad specialty sales of $115 million, a 1% increase over 2012.