InnerWorkings Announces Third Quarter 2016 Results
Wednesday, November 09, 2016
Press release from the issuing company
Record quarterly revenue with year-to-date gross profit up 10%
Over $100 million in new enterprise contracts signed year to date; raising full-year guidance
CHICAGO - InnerWorkings, Inc., the leading global marketing execution firm, today announced financial results for the three months ended September 30, 2016. For all non-GAAP references below, please refer to the non-GAAP reconciliation tables at the end of this release for more information.
"We have devoted considerable energy to developing our presence in the international markets and new service offerings over the last few years, and the benefits of these investments are becoming more apparent," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "With the strength of our global capabilities and rate of penetration with our existing accounts, I'm excited by our performance and the path I see ahead for InnerWorkings."
"Our third quarter financial results demonstrate continued organic growth and further operating efficiency, particularly in our International segment," said Jeffrey P. Pritchett, Chief Financial Officer of InnerWorkings. "We are raising our financial performance expectations for 2016 as we continue to execute ahead of plan."
The Company is raising its guidance for 2016 annual revenue and non-GAAP diluted earnings per share. InnerWorkings now expects 2016 revenue to range between $1.075 billion and $1.082 billion, compared to previous guidance of $1.06 to $1.08 billion. Non-GAAP diluted earnings per share is now expected to be $0.31 to $0.34, versus prior guidance of $0.30 - $0.33. Guidance for non-GAAP adjusted EBITDA is unchanged at $58.0 million to $62.0 million.
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