InnerWorkings Reports Record Second Quarter
Company Posts 29% Increase Over Same Time Period Last Year
Counselor Top 40 distributor InnerWorkings (asi/168860) announced last week that it achieved record financial results in its second quarter of 2012. In the quarter, the company, which is based in Chicago, had revenues of $201.4 million, an increase of 29% over the same time period in 2011. Even further, for the six months ended June 30, InnerWorkings had revenues of $389.9 million, an increase of 30% over the first six months of 2011.
"We achieved record revenue results for the seventh consecutive quarter, driven by the ramp from recent large enterprise wins and our success at expanding client relationships to new geographies," said Eric Belcher, CEO of InnerWorkings and a member of the Counselor Power 50. "Further, we continued to rapidly build out our inside sales division to accelerate the strong growth opportunities in front of us."
InnerWorkings also reported net income in Q2 2012 of $4.5 million, an increase of 21% compared to the $3.7 million in the year-earlier period. And, as for its full-year 2012 outlook, InnerWorkings stated in its public filing last week that it "is maintaining its guidance of $780 million to $810 million in revenue and $0.42 to $0.45 in earnings per share." "The company's financial position is strong and continues to be supported by robust organic revenue growth," said Joseph Busky, CFO.
InnerWorkings, which is also a provider of print products, ranks as the 12th-largest promotional products distributor after reporting 2011 North American ad specialty sales of $105.3 million.