Top 40 distributor InnerWorkings (asi/168860) says it’s starting to realize benefits from its $15 million cost reduction plan, but the Chicago-based firm nonetheless posted a net loss in the third quarter of 2019 and downgraded its revenue forecast for the full year, according to financial results released Thursday.

InnerWorkings said net loss for the quarter was $2.2 million, or $0.04 per share – a year-on-year improvement over 2018’s Q3, when net loss was $44.9 million, or $0.87 per share.

For this year’s third quarter, InnerWorkings’ total sales – which include revenue from its promotional products operations and other business channels – tallied $286.5 million, an increase of 6% over the same three-month span last year.

During Q3 2019, InnerWorkings’ adjusted EBITDA was $11.6 million. That compares to $12.2 million in the third quarter of 2018. Year-to-date adjusted EBITDA was $31.8 million, an increase of 15% compared to the same period of 2018.

“We have already surpassed 2018’s full-year adjusted EBITDA only three-quarters into 2019,” said Chief Financial Officer Don Pearson (pictured). “We expect this momentum to continue as we finish the year and into 2020 as we continue to realize the benefits of our $15 million cost reduction plan announced. We are on track to realize $4 million of these cost savings this year, with most of the remaining $11 million to be realized next year, setting the stage for significant sustainable profitable growth in 2020 and beyond.”

Even so, InnerWorkings dropped its forecasted revenue range for 2019 from a prior estimate of $1.15 billion to $1.18 billion to $1.13 billion to $1.15 billion, which would be growth of 1% to 3% over 2018. The downgrade is primarily the result of negative currency impacts, the firm said. Due to higher interest and income tax expenses than expected, InnerWorkings also has reduced its adjusted diluted earnings per share guidance range, from a prior estimate of $0.20 to $0.24 to a range of $0.16 to $0.20.

With estimated North American promotional product revenue of $144.9 million, InnerWorkings ranks 15th on Counselor’s latest list of the largest distributors in the industry.