secwatch.observer — SEC 8-K summary
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Issuer:     Fortrea Holdings Inc. (FTRE)
CIK:        0001965040
Form:       8-K
Filed at:   2025-05-12T23:59:59+00:00
Accession:  0001965040-25-000023
Event type: leadership
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1965040/000196504025000023/0001965040-25-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1965040/000196504025000023/ftre-20250512.htm
  HTML page:      https://secwatch.observer/filing/0001965040-25-000023

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