earnings
confidence high
sentiment negative
materiality 0.75
Fortrea Q2 revenue down 8.6% to $662.4M, net loss $99.3M, cuts full-year guidance
Fortrea Holdings Inc.
2024-Q2 EPS reported
-$2.69
revenue$1,324,500,000
- Revenue $662.4M (-8.6% YoY); GAAP net loss $99.3M vs net income $25.0M prior year.
- Adjusted EBITDA $55.2M vs $71.9M YoY; adjusted loss per share $(0.03).
- Book-to-bill 0.96x for Q2; backlog $7.37B; trailing-12-month book-to-bill 1.16x.
- Paid down $504M debt using divestiture proceeds from Endpoint Clinical and Patient Access.
- Revised FY2024 guidance: revenue $2.70-2.75B, adjusted EBITDA $220-240M, down from prior.