Fortrea Q2 net income drops to $28.3M from $66.4M; revenue flat, adjusted EBITDA down 37% YoY

Fortrea Holdings Inc.

2023-Q2 EPS reported $0.51 revenue$1,557,200,000

Revenue $793.0M flat YoY; Clinical Services $726.1M, Enabling Services $66.9M.
GAAP net income $28.3M ($0.32 EPS) vs $66.4M ($0.75 EPS) in Q2 2022.
Adjusted EBITDA $72.5M vs $115.3M YoY, down ~37%.
Full-year 2023 guidance: revenue $3,034M-$3,096M, adj. EBITDA $255M-$285M.
Completed spin-off from parent at end of June, now independent CRO.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Fortrea Holdings Inc. reported the fiscal quarter ended June 30, 2023 results: revenue $793.0 million, net income $28.3 million, EPS $0.32.

Period: the fiscal quarter ended June 30, 2023
Revenue: $793.0 million
Net income: $28.3 million
EPS: $0.32
Result: reported results

Exact text from the filing

--- EX-99.1 (EX-99.1) --- Fortrea Reports Second-Quarter 2023 Results Company and Provides Full-Year 2023 Guidance • For the three months ended June 30, 2023: • Revenues of $793.0 million • GAAP net income of $28.3 million • Adjusted EBITDA of $72.5 million • GAAP and adjusted earnings per share of $0.32 and $0.52, respectively • Provides full-year financial

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Source: SEC EDGAR

accession 0001965040-23-000027

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