Fortrea corrects trailing 12-month Adjusted EBITDA to $344.5M from $378.9M due to tax provision error

Fortrea Holdings Inc.

Administrative error in Original Earnings Release: 'Provision for income taxes' line item was $70.6M (should be $36.2M).
Corrected Trailing 12 Adjusted EBITDA is $344.5M, down from originally reported $378.9M (overstated by $34.4M).
No other changes to Q2 2023 results: revenue $793M, GAAP net income $28.3M, EPS $0.32, adjusted EBITDA $72.5M.
Full-year 2023 guidance unchanged: revenue $3,034M–$3,096M, adjusted EBITDA $255M–$285M.

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 second quarter ended June 30, 2023 results: revenue $793.0 million, net income $28.3 million, EPS $0.32. Guidance reaffirmed.

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

Exact text from the filing

Fortrea Reports Second-Quarter 2023 Results 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 outlook

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Fortrea Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001965040-23-000035

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