Fortrea Q1 revenue $651M, GAAP loss $562.9M; CEO Pike steps down, interim CEO named

Fortrea Holdings Inc.

GAAP net loss $562.9M ($6.25 diluted loss) includes $488.8M goodwill impairment.
Adjusted EPS $0.02; adjusted EBITDA $30.3M, up from $27.1M YoY.
Revenue $651.3M (down 1.6% YoY); backlog $7,721M; book-to-bill 1.02x.
Reiterates FY2025 guidance: revenue $2.45-$2.55B, adj EBITDA $170-$200M.
CEO Thomas Pike stepping down May 13; Lead Independent Director Peter Neupert named Interim CEO.

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