secwatch.observer — SEC 8-K summary
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Issuer:     Fortrea Holdings Inc. (FTRE)
CIK:        0001965040
Form:       8-K
Filed at:   2023-08-14T23:59:59+00:00
Accession:  0001965040-23-000027
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1965040/000196504023000027/0001965040-23-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1965040/000196504023000027/ftre-20230814.htm
  HTML page:      https://secwatch.observer/filing/0001965040-23-000027

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer