Top 40 distributor InnerWorkings (asi/168860) reported revenue of $269.2 million in the second quarter, a year-over-year increase of 6.7%. The company accumulated $65.1 million in gross profit, which was a 10.4% increase compared to the previous year. Its Q2 profit accounted for 24.2% of its quarterly revenue, compared to 23.4% of the company’s second quarter revenue in 2015.
Year-to-date, the company has increased its revenue by 9.3% for a total of $540.3 million. Gross profit for the first half was $127.0 million, an increase of 11.4% compared to the prior-year period.
InnerWorkings reaffirmed its outlook for this year, with expectations of revenue between $1.06 and $1.08 billion and non-GAAP diluted earnings per share between 30-33 cents.
The distributor’s full earnings release and conference call, originally scheduled for Tuesday, August 9, was rescheduled until Monday, August 15, after financial markets close. The company is taking additional time for corrected accounting related to its non-executive officer bonuses.
“Our ability to win new enterprise accounts, expand existing client mandates and further our business strategy resulted in another strong quarter for InnerWorkings,” said Eric D. Belcher, CEO of InnerWorkings. “I am pleased with our continued forward momentum and look forward to providing investors with a more comprehensive update on our progress next week.”
InnerWorkings ranks as the 11th-largest distributor in the industry with $147 million in North American promotional product revenue last year.