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

Issuer:     Fortrea Holdings Inc. (FTRE)
CIK:        0001965040
Form:       8-K
Filed at:   2024-08-12T23:59:59+00:00
Accession:  0001965040-24-000050
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Fortrea Q2 revenue down 8.6% to $662.4M, net loss $99.3M, cuts full-year guidance
--------------------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1965040/000196504024000050/0001965040-24-000050-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1965040/000196504024000050/ftre-20240812.htm
  HTML page:      https://secwatch.observer/filing/0001965040-24-000050

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