InnerWorkings (INWK) Misses Q1 EPS by 8c, Beats on Revenues; Offers FY18 EPS Mid-Point Guidance Above Consensus, FY18 Revenue Outlook Above Estimates

Note: EPS may not be comparable

InnerWorkings (NASDAQ: INWK) reported Q1 EPS of $0.06, $0.08 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $301 million versus the consensus estimate of $293.96 million.

Fourth Quarter 2017 Results

• Record gross revenue was $301.0 million in the fourth quarter, an increase of 11% compared with $270.4 million in the fourth quarter of 2016.
• Gross profit (net revenue) was $71.3 million, or 23.7% of gross revenue, in the fourth quarter, an increase of 4% compared to $68.7 million, or 25.4% of revenue, in the same period of 2016.
• Net income for the fourth quarter was $1.5 million, or $0.03 per diluted share, compared to $5.0 million, or $0.09 per diluted share, in the prior year period.
• Non-GAAP adjusted EBITDA was $14.6 million in the fourth quarter, compared to $15.7 million in the fourth quarter of 2016.
• Non-GAAP diluted earnings per share for the fourth quarter was $0.06, compared to $0.12 in the fourth quarter of 2016.

Outlook

InnerWorkings reaffirms the existing full-year 2018 guidance announced previously. The Company expects 2018 annual gross revenue to range between $1,195 million and $1,230 million, representing growth of 5% to 8% compared to 2017. Non-GAAP adjusted EBITDA is expected to be between $74 million and $77 million in 2018, representing growth of 19% to 24% compared to 2017. The Company forecasts 2018 non-GAAP diluted earnings per share to be $0.56 to $0.59, representing growth of 37% to 44% compared to 2017.

GUIDANCE:

InnerWorkings sees FY2018 EPS of $0.56-$0.59, versus the consensus of $0.57. InnerWorkings sees FY2018 revenue of $1.195-1.23 billion, versus the consensus of $1.19 billion.

For earnings history and earnings-related data on InnerWorkings (INWK) click here.

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