secwatch.observer — SEC 8-K summary
======================================

Issuer:     Fortrea Holdings Inc. (FTRE)
CIK:        0001965040
Form:       8-K
Filed at:   2023-11-13T23:59:59+00:00
Accession:  0001965040-23-000039
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1965040/000196504023000039/0001965040-23-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1965040/000196504023000039/ftre-20231113.htm
  HTML page:      https://secwatch.observer/filing/0001965040-23-000039

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