Counselor Top 40 distributor InnerWorkings (asi/168860) has announced its first-quarter total revenues were $242.1 million, up just slightly versus Q1 of 2014. Excluding fluctuating exchange rates, InnerWorkings reported Q1 sales of $256.7 million, a 6% year-over-year rise. Non-GAAP adjusted EBITDA was $9.5 million as reported and non-GAAP diluted earnings per share were $0.03.
“Our bottom-line results reflect our ongoing efforts to improve our operating margins, a trend we expect will continue as we add new enterprise clients,” said Ryan K. Spohn, InnerWorkings’ interim CFO. “While the strengthening dollar has impacted our reported revenue growth, we are encouraged by our growing client base and confident in our constant currency projections.”
In its earnings statement release, InnerWorkings also announced it has added four new enterprise clients in recent weeks. Under the agreements, InnerWorkings will provide in-store signage and direct mail to a leading children’s brand; marketing support to an international charity; marketing materials to a large pizza chain franchisor and operator; and signage, point of sale materials, an e-store, plus warehousing and fulfillment services to a large financial services company.
“With our expectation to add several more new clients in the near-term, 2015 is shaping up to be one of our strongest years in terms of new enterprise client wins,” said Eric Belcher, CEO of InnerWorkings and member of the Counselor Power 50.
In its outlook, InnerWorkings reaffirmed its 2015 revenue guidance of 8% to 11% growth over 2014 on a constant currency basis. InnerWorkings did not break out Q1 promotional products revenues, but the company recently reported to Counselor that it recorded 2014 North American ad specialty sales of $140 million, a 22% increase over the previous year.