Fortrea Q3 revenue up 2% to $776M but GAAP net loss of $13.1M; adjusted EBITDA down 33% YoY

Fortrea Holdings Inc.

2023-Q3 EPS reported $0.37 revenue$2,333,600,000

GAAP diluted EPS of ($0.15) vs $0.68 in Q3 2022; adjusted EPS of $0.24.
Clinical Services revenue $711.7M, Enabling Services $64.7M; book-to-bill 1.24x.
Backlog $7.13B; cash and cash equivalents $107.5M, gross debt $1.63B.
FY2023 revenue guidance $3,075M-$3,130M; reaffirms adjusted EBITDA $255M-$285M.
First quarter as independent company; CEO cites positive customer response and transformation progress.

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 For the three months ended September 30, 2023 results: revenue $776.4 million, net income $13.1 million, EPS ($0.15).

Period: For the three months ended September 30, 2023
Revenue: $776.4 million
Net income: $13.1 million
EPS: ($0.15)
Result: reported results

Exact text from the filing

Fortrea Reports Third Quarter 2023 Results For the three months ended September 30, 2023: • Revenues of $776.4 million • GAAP net loss of $13.1 million • Adjusted EBITDA of $70.5 million • GAAP and adjusted diluted earnings (loss) per share of $(0.15) and $0.24, respectively • Quarterly book-to-bill ratio of 1.24x

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Fortrea Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001965040-23-000039

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