InnerWorkings Announces Fourth Quarter and Full Year 2013 Results
Top 50 distributor InnerWorkings Inc., Chicago, reported preliminary results for the fourth quarter and fiscal year ended Dec. 31, 2013. The company saw a 22 percent increase in revenue for the quarter at $245.6 million, and a 13 percent increase in revenue for the year totaling a record $893.4 million.
"Despite a number of unexpected challenges in 2013, our team was able to drive double-digit top-line growth," said Eric D. Belcher, chief executive officer of InnerWorkings. "With our focus on our growing core enterprise business, we expect to generate stronger bottom line results and shareholder value in 2014 and beyond."
Additional 2013 financial and recent operational highlights include the following:
- 77 percent of the company's revenue was generated from enterprise sales, with the remaining 23 percent derived from middle market sales, compared to a 76 percent/24 percent mix in 2012.
- The company significantly broadened its relationship with Unilever by signing an agreement to expand services across all branded marketing efforts, including print and point-of-sale experiences.
"We have proactively addressed the areas that impacted our 2013 results," said Joseph M. Busky, chief financial officer. "Our enterprise business remains firmly intact, as evidenced by the strong revenue growth in the fourth quarter. We look forward to continued growth and increased profitability in 2014."
The company anticipates 2014 annual revenue of $965 million to $1 billion, which reflects 8 to 12 percent growth. Non-GAAP diluted earnings per share, which exclude contingent liability impacts, are expected to be $0.23 to $0.27 in 2014, compared to $.07 in 2013.
For more information, read the full release on InnerWorkings' website.