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InnerWorkings Reports Record Third Quarter

Top 40 distributor InnerWorkings (asi/168860) announced record third-quarter revenue along with the addition of new Fortune 1000 clients and expanded contracts with large customers. 

InnerWorkings’ third-quarter revenue was $264.7 million – an increase of 5.2% compared to the same period last year. Meanwhile, gross profit for the quarter reached $63.6 million,  good enough for 11.4% growth.

Also encouraging, InnerWorkings said that Non-GAAP Adjusted EBITDA in the quarter ending September 30 was $17.6 million – a 43.4% increase in constant currency. Additionally, non-GAAP diluted earnings per share reached $0.11, compared to Non-GAAP diluted earnings per share of $0.07 in the same quarter in 2014.

“The record-breaking results illustrate the momentum we are seeing in our strategy to grow our enterprise business,” said Eric D. Belcher, CEO of InnerWorkings.

In its earnings release, InnerWorkings announced two new multi-year Fortune 1000 contracts: one with the North American arm of a services provider to businesses and consumers, and the other with a grocery chain with more than 160 locations.

“Including the two new Fortune 1000 client wins that we're announcing, the new enterprise accounts signed during this calendar year are expected to deliver over $115 million in annual revenue once implemented,” said Belcher. “We are very pleased with the significant growth in our enterprise accounts and expect a strong finish to the year.”

Headquartered in Chicago, InnerWorkings employs 1,700 people and maintains 62 global offices in 37 countries. The company ranked 11th on Counselor magazine’s 2015 list of the industry’s Top 40 distributors with reported North American promotional products revenue of $140 million in 2014 – a 21.7% annual increase.