Fortrea reports Q4 revenue $697M, full-year net loss $271.5M; issues 2025 guidance below 2024

Fortrea Holdings Inc.

Q4 2024 revenue $697.0M (-1.8% YoY); GAAP net loss $(73.9)M, diluted EPS $(0.82) vs loss $(48.6)M in Q4 2023.
Full-year 2024 revenue $2,696.4M (-5.1% vs 2023); GAAP net loss $(271.5)M vs $(31.7)M; adjusted EBITDA $202.5M vs $245.8M.
Q4 book-to-bill 1.35x; backlog $7,699M; cash $118.5M, gross debt $1,142.0M.
Entered covenant amendment on Feb 28, 2025 for flexibility through Q4 2026.
FY2025 guidance: revenue $2,450M-$2,550M, adjusted EBITDA $170M-$200M (down YoY).

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