We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
IQVIA Holdings Inc. (IQV - Free Report) reported solid second-quarter 2023 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings per share (excluding 84 cents from non-recurring items) of $2.43 beat the Zacks Consensus Estimate by 2.5% but declined marginally on a year-over-year basis. Total revenues of $3,728 million also outpaced the Zacks Consensus Estimate marginally. The top line increased 5.3% year over year on a reported basis and 5.5% on a constant-currency basis.
Segmental Revenues
Revenues from Technology & Analytics Solutions amounted to $1,456 million. The metric rose 3.4% on both reported basis and at constant currency.
IQVIA Holdings Inc. Price, Consensus and EPS Surprise
Research & Development Solutions’ revenues of $2,096 million increased 7.5% on a reported basis and 7.6% on a constant-currency basis.
Revenues from Contract Sales & Medical Solutions totaled $176 million, down 3.8% on a reported basis and was flat at constant currency.
Operating Performance
Adjusted EBITDA was $864 million, up 8% year over year.
Balance Sheet and Cash Flow
IQVIA exited second-quarter 2023 with cash and cash equivalents of $1,382 million compared with $1,494 million at the end of the prior quarter. Long-term debt (less current portion) was $11,833 million compared with $12,433 million at the prior-quarter end.
IQV generated $402 million of cash from operating activities in the reported quarter while capital expenditure was $160 million. Free cash flow was $242 million.
In the second quarter of 2023, IQV repurchased shares worth $490 million. As of Jun 30, 2023, IQVIA had $736 million of share repurchase authorization available.
Q3 Guidance
For the third quarter of 2023, IQV expects revenues to be between $3,760 million and $3,810 million, indicating growth of 5.6-7.0% on a reported basis and 3.9-5.3% at constant currency. The Zacks Consensus Estimate is pegged at $3.70 billion, lower than management’s expectation.
IQV anticipates adjusted EBITDA in the range of $880-$895 million, suggesting a rise of 8.1-10.0%.
Adjusted earnings per share are expected to be between $2.39 and $2.49, implying a decline of 3.6% to an improvement of 0.4% on a reported basis. The Zacks Consensus Estimate is pegged at $2.37, lower than the company’s anticipation.
2023 Guidance
IQVIA expects revenues to be between $15,050 million and $15,175 million (prior view: $15.15 billion and $15.40 billion), hinting at a jump of 4.4-5.3% on a reported basis and 4.1-5% at constant currency (earlier guidance: 5.1-6.9% on a reported basis and 4.7-6.5% at constant currency). The Zacks Consensus Estimate is pegged at $15.24 billion, higher than the company’s projection.
Adjusted earnings per share are estimated to be between $10.2 and $10.45 (up 0.4-2.9%) (prior view: $10.26 and $10.56). The midpoint of the updated guidance ($10.325) is below the Zacks Consensus Estimate of $10.37.
Adjusted EBITDA is anticipated to be between $3.6 billion and $3.635 billion (prior view: $3.625 billion and $3.695 billion).
Interpublic Group of Companies (IPG - Free Report) second-quarter 2023 earnings surpassed the Zacks Consensus Estimate while revenues missed. Adjusted earnings (considering 6 cents from non-recurring items) of 74 cents per share beat the consensus estimate by 23.3%. The bottom line declined 17.5% on a year-over-year basis.
Net revenues of $2.33 billion missed the consensus estimate by 2.9% and decreased 14.9% on a year-over-year basis. Total revenues of $2.67 billion decreased 2.6% year over year.
Equifax (EFX - Free Report) reported mixed second-quarter 2023 results, wherein earnings beat the Zacks Consensus Estimate but revenues lagged. Adjusted earnings (excluding 59 cents from non-recurring items) of $1.71 per share outpaced the consensus mark by 2.4%. The bottom line dipped 18.2% from the year-ago figure.
Total revenues of $1.32 billion fell short of the consensus estimate by 0.4% while matching the year-ago figure on a reported basis. The top line gained 1% on a local-currency basis.
ManpowerGroup (MAN - Free Report) reported lower-than-expected second-quarter 2023 results. Adjusted earnings of $1.58 per share lagged the Zacks Consensus Estimate by 1.9% and plunged 32.2% year over year owing to restructuring costs and Argentina-related non-cash currency translation losses.
Revenues of $4.9 billion missed the consensus mark by 0.6% and decreased 4.3% year over year on a reported basis. The top line fell 3% on a constant-currency basis.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
IQVIA Holdings' (IQV) Q2 Earnings Beat Estimates, Decline Y/Y
IQVIA Holdings Inc. (IQV - Free Report) reported solid second-quarter 2023 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings per share (excluding 84 cents from non-recurring items) of $2.43 beat the Zacks Consensus Estimate by 2.5% but declined marginally on a year-over-year basis. Total revenues of $3,728 million also outpaced the Zacks Consensus Estimate marginally. The top line increased 5.3% year over year on a reported basis and 5.5% on a constant-currency basis.
Segmental Revenues
Revenues from Technology & Analytics Solutions amounted to $1,456 million. The metric rose 3.4% on both reported basis and at constant currency.
IQVIA Holdings Inc. Price, Consensus and EPS Surprise
IQVIA Holdings Inc. price-consensus-eps-surprise-chart | IQVIA Holdings Inc. Quote
Research & Development Solutions’ revenues of $2,096 million increased 7.5% on a reported basis and 7.6% on a constant-currency basis.
Revenues from Contract Sales & Medical Solutions totaled $176 million, down 3.8% on a reported basis and was flat at constant currency.
Operating Performance
Adjusted EBITDA was $864 million, up 8% year over year.
Balance Sheet and Cash Flow
IQVIA exited second-quarter 2023 with cash and cash equivalents of $1,382 million compared with $1,494 million at the end of the prior quarter. Long-term debt (less current portion) was $11,833 million compared with $12,433 million at the prior-quarter end.
IQV generated $402 million of cash from operating activities in the reported quarter while capital expenditure was $160 million. Free cash flow was $242 million.
In the second quarter of 2023, IQV repurchased shares worth $490 million. As of Jun 30, 2023, IQVIA had $736 million of share repurchase authorization available.
Q3 Guidance
For the third quarter of 2023, IQV expects revenues to be between $3,760 million and $3,810 million, indicating growth of 5.6-7.0% on a reported basis and 3.9-5.3% at constant currency. The Zacks Consensus Estimate is pegged at $3.70 billion, lower than management’s expectation.
IQV anticipates adjusted EBITDA in the range of $880-$895 million, suggesting a rise of 8.1-10.0%.
Adjusted earnings per share are expected to be between $2.39 and $2.49, implying a decline of 3.6% to an improvement of 0.4% on a reported basis. The Zacks Consensus Estimate is pegged at $2.37, lower than the company’s anticipation.
2023 Guidance
IQVIA expects revenues to be between $15,050 million and $15,175 million (prior view: $15.15 billion and $15.40 billion), hinting at a jump of 4.4-5.3% on a reported basis and 4.1-5% at constant currency (earlier guidance: 5.1-6.9% on a reported basis and 4.7-6.5% at constant currency). The Zacks Consensus Estimate is pegged at $15.24 billion, higher than the company’s projection.
Adjusted earnings per share are estimated to be between $10.2 and $10.45 (up 0.4-2.9%) (prior view: $10.26 and $10.56). The midpoint of the updated guidance ($10.325) is below the Zacks Consensus Estimate of $10.37.
Adjusted EBITDA is anticipated to be between $3.6 billion and $3.635 billion (prior view: $3.625 billion and $3.695 billion).
Currently, IQVIA carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot
Interpublic Group of Companies (IPG - Free Report) second-quarter 2023 earnings surpassed the Zacks Consensus Estimate while revenues missed. Adjusted earnings (considering 6 cents from non-recurring items) of 74 cents per share beat the consensus estimate by 23.3%. The bottom line declined 17.5% on a year-over-year basis.
Net revenues of $2.33 billion missed the consensus estimate by 2.9% and decreased 14.9% on a year-over-year basis. Total revenues of $2.67 billion decreased 2.6% year over year.
Equifax (EFX - Free Report) reported mixed second-quarter 2023 results, wherein earnings beat the Zacks Consensus Estimate but revenues lagged. Adjusted earnings (excluding 59 cents from non-recurring items) of $1.71 per share outpaced the consensus mark by 2.4%. The bottom line dipped 18.2% from the year-ago figure.
Total revenues of $1.32 billion fell short of the consensus estimate by 0.4% while matching the year-ago figure on a reported basis. The top line gained 1% on a local-currency basis.
ManpowerGroup (MAN - Free Report) reported lower-than-expected second-quarter 2023 results. Adjusted earnings of $1.58 per share lagged the Zacks Consensus Estimate by 1.9% and plunged 32.2% year over year owing to restructuring costs and Argentina-related non-cash currency translation losses.
Revenues of $4.9 billion missed the consensus mark by 0.6% and decreased 4.3% year over year on a reported basis. The top line fell 3% on a constant-currency basis.