InnerWorkings Cuts 2009 Profit Guidance

CHICAGO (AP) — Printing company InnerWorkings Inc. on Wednesday cut its 2009 profit guidance in half, saying spending by existing customers has dropped all year.

It said its prior guidance had assumed an economic recovery in the second half of the year.

The company now expects a full-year profit of 14 cents to 20 cents per share, down from previous guidance of 35 cents to 39 cents per share. It revised its full-year revenue outlook to a range of $400 million to $425 million, down from $450 million to $475 million previously.

Analysts surveyed by Thomson Reuters had been expecting a profit of 28 cents per share on revenue of $443.2 million, on average.

Shares of the company closed flat at $5.66.