InnerWorkings Releases Fourth Quarter, Full Year 2017 Financial Results
Distributor InnerWorkings has announced financial results for the three months and year ending December 31, 2017. The Chicago, Illinois-based company reports gross revenue of $1,136.3 million in 2017, up four percent over the previous year, and a record gross revenue of $301 million in fourth quarter, up 11 percent.
"We had a strong finish to 2017 with a growth rate that exceeded our expectations. In addition, we've won several large new contracts in recent months, and we're well down the path on a number of exciting sales pursuits," says Chief Executive Officer Eric D. Belcher. "This combination sets us up for strong growth in 2018."
Gross profits in fourth quarter were $71.3 million, up four percent over the same period in 2016, while net income was $1.5 million, compared to $5 million in the final three months of the previous year.
For full year 2017, gross profits of $278.3 million represent a six percent increase over 2016. Furthermore, net income in 2017 was $19 million, compared to $4.4 million in 2016.
"Our expected growth in 2018 will generate meaningful operating leverage and free cash flow in 2018, giving us the ability to reinvest in our business on behalf of our clients, employees and shareholders," says Chip Hodgkins, interim chief financial officer of InnerWorkings.
Rich Stoddart, incoming chief executive officer, adds, "InnerWorkings has evolved its business over the past five years to be at the forefront of software, digital, and other growing components of marketing execution. I look forward to helping the company capitalize on its early lead in this emerging market."