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IQVIA Holdings Analytics Inc. (IQV - Free Report) reported mixed fourth-quarter 2023 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings (excluding 11 cents from non-recurring items) were $2.65 per share, beating the Zacks Consensus Estimate by 3.1% and increasing 4.3% from the year-ago reported figure. Total revenues of $3.87 billion surpassed the consensus estimate by 2.2% and increased 3.5% from the year-ago reported figure.
Revenues increased 2.6% on a constant-currency basis.
Quarter Details
Revenues from the Technology and Analytics segment were $1.53 billion, up 2.1% from the fourth-quarter 2022 reported figure and beating our estimated $1.5 billion. The segment’s revenues grew 1.3% on a constant-currency basis.
IQVIA Holdings Inc. Price, Consensus and EPS Surprise
The Research and Development segment’s revenues were $2.15 billion, up 2.1% from the year-ago reported figure and 3.7% on a constant currency basis. The figure beat our estimate by 3.7%. Contract Sales & Medical Solutions revenues grew 2.2% on a year-over-year basis to $186 million and rose 1.7% on a constant-currency basis. The figure surpassed our estimate by 6.9%.
Adjusted EBITDA for the fourth quarter is pegged at $966 million, indicating 5% growth from the year-ago figure but missing our estimated $959.6 million.
The company exited the quarter with cash and cash equivalents of $1.38 billion compared with $1.22 billion held at the end of the previous quarter. Long-term debt was $13.67 billion compared with $12.32 billion held at the end of the previous quarter.
Net cash generated from operating activities was $747 million and capital expenditure for the quarter was $179 million. The free cash flow generated during the quarter was $568 million. The company repurchased shares of $229 million in the fourth quarter.
2024 Guidance
Anticipated revenues for the entire year of 2024 are forecasted to range from $15.4 billion to $15.65 billion. The Zacks Consensus Estimate for the same is $15.6 billion, higher than the midpoint ($15.525 billion) of the guided range.
The expected adjusted EBITDA for the same period is projected to fall between $3.7 billion and $3.8 billion.
The company forecasts adjusted EPS to range from $10.95 to $11.25. The Zacks Consensus Estimate is $11.04, lower than the midpoint ($11.1) of the guided range.
Earnings Snapshot of Some Business Services Stocks
Automatic Data Processing, Inc. (ADP - Free Report) reported impressive second-quarter fiscal 2024 results, wherein earnings and revenues beat the Zacks Consensus Estimate.
Adjusted earnings per share (EPS) of $2.13 beat the consensus estimate by 1.4% and grew 8.7% from the year-ago fiscal quarter’s figure.
Total revenues of $4.67 billion surpassed the consensus estimate by 0.2% and improved 6.3% from the year-ago quarter’s reading on a reported basis as well on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported better-than-expected third-quarter fiscal 2024 results.
Quarterly adjusted EPS of $1.41 surpassed the Zacks Consensus Estimate by 24.8% and exceeded the year-ago quarter by 31.8%. The company reported revenues of $2.57 billion, which beat the consensus estimate by 1.5% and increased 12.9% year over year. Revenues, excluding billable expenses, were $1.77 billion, up 13% year over year.
Waste Management Inc. (WM - Free Report) reported impressive fourth-quarter 2023 results, wherein earnings and revenues beat the Zacks Consensus Estimate.
Adjusted EPS of $1.74 surpassed the Zacks Consensus Estimate by 13.7% and improved 33.9% year over year. Total revenues of $5.2 billion beat the consensus estimate by a slight margin and increased 5.7% year over year.
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IQVIA Holdings (IQV) Q4 Earnings & Revenues Beat Estimates
IQVIA Holdings Analytics Inc. (IQV - Free Report) reported mixed fourth-quarter 2023 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings (excluding 11 cents from non-recurring items) were $2.65 per share, beating the Zacks Consensus Estimate by 3.1% and increasing 4.3% from the year-ago reported figure. Total revenues of $3.87 billion surpassed the consensus estimate by 2.2% and increased 3.5% from the year-ago reported figure.
Revenues increased 2.6% on a constant-currency basis.
Quarter Details
Revenues from the Technology and Analytics segment were $1.53 billion, up 2.1% from the fourth-quarter 2022 reported figure and beating our estimated $1.5 billion. The segment’s revenues grew 1.3% on a constant-currency basis.
IQVIA Holdings Inc. Price, Consensus and EPS Surprise
IQVIA Holdings Inc. price-consensus-eps-surprise-chart | IQVIA Holdings Inc. Quote
The Research and Development segment’s revenues were $2.15 billion, up 2.1% from the year-ago reported figure and 3.7% on a constant currency basis. The figure beat our estimate by 3.7%. Contract Sales & Medical Solutions revenues grew 2.2% on a year-over-year basis to $186 million and rose 1.7% on a constant-currency basis. The figure surpassed our estimate by 6.9%.
Adjusted EBITDA for the fourth quarter is pegged at $966 million, indicating 5% growth from the year-ago figure but missing our estimated $959.6 million.
The company exited the quarter with cash and cash equivalents of $1.38 billion compared with $1.22 billion held at the end of the previous quarter. Long-term debt was $13.67 billion compared with $12.32 billion held at the end of the previous quarter.
Net cash generated from operating activities was $747 million and capital expenditure for the quarter was $179 million. The free cash flow generated during the quarter was $568 million. The company repurchased shares of $229 million in the fourth quarter.
2024 Guidance
Anticipated revenues for the entire year of 2024 are forecasted to range from $15.4 billion to $15.65 billion. The Zacks Consensus Estimate for the same is $15.6 billion, higher than the midpoint ($15.525 billion) of the guided range.
The expected adjusted EBITDA for the same period is projected to fall between $3.7 billion and $3.8 billion.
The company forecasts adjusted EPS to range from $10.95 to $11.25. The Zacks Consensus Estimate is $11.04, lower than the midpoint ($11.1) of the guided range.
Currently, IQV carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot of Some Business Services Stocks
Automatic Data Processing, Inc. (ADP - Free Report) reported impressive second-quarter fiscal 2024 results, wherein earnings and revenues beat the Zacks Consensus Estimate.
Adjusted earnings per share (EPS) of $2.13 beat the consensus estimate by 1.4% and grew 8.7% from the year-ago fiscal quarter’s figure.
Total revenues of $4.67 billion surpassed the consensus estimate by 0.2% and improved 6.3% from the year-ago quarter’s reading on a reported basis as well on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported better-than-expected third-quarter fiscal 2024 results.
Quarterly adjusted EPS of $1.41 surpassed the Zacks Consensus Estimate by 24.8% and exceeded the year-ago quarter by 31.8%. The company reported revenues of $2.57 billion, which beat the consensus estimate by 1.5% and increased 12.9% year over year. Revenues, excluding billable expenses, were $1.77 billion, up 13% year over year.
Waste Management Inc. (WM - Free Report) reported impressive fourth-quarter 2023 results, wherein earnings and revenues beat the Zacks Consensus Estimate.
Adjusted EPS of $1.74 surpassed the Zacks Consensus Estimate by 13.7% and improved 33.9% year over year. Total revenues of $5.2 billion beat the consensus estimate by a slight margin and increased 5.7% year over year.