Counselor Top 40 distributor InnerWorkings (asi/168860) has reported total third-quarter sales of $251.7 million, a year-over-year increase of 8%. The Chicago-based firm had Q3 organic enterprise account growth of $19 million, while expanding its international business to 34% of total revenue.
“Our consistent growth and solid momentum continued in the third quarter as we landed major new client contracts, underscoring our opportunity within a large and underpenetrated market,” said Eric Belcher, CEO of InnerWorkings. “We also continued to grow both globally and through new service offerings with our existing clients. We had success in cross-selling our new retail displays and product packaging solutions and we look forward to rolling them out with additional clients.”
In its earnings statement, InnerWorkings reported non-GAAP adjusted EBITDA of $12.3 million, a 41% rise compared to a year ago. Non-GAAP diluted earnings per share were $0.07, up 40% versus Q3 of 2013. “We’re delivering on our commitment to accelerate our bottom-line results, generating meaningful adjusted EBITDA growth in each of the first three quarters this year,” said Joseph M. Busky, CFO of InnerWorkings. “Our updated outlook reflects foreign exchange impacts from our growing international business, as well as some ramp-up costs related to our large new enterprise partnership.”
InnerWorkings, which provides clients with print management services as well as promotional products, is now projecting full-year 2014 sales of between $1 billion and $1.01 billion, reflecting at least 12% growth over 2013. Counselor ranks InnerWorkings as the 11th-largest distributor in the industry after the firm reported 2013 North American ad specialty sales of $115 million, a year-over-year increase of 0.8%.