Fortrea Reports Q1 Revenue Drop

Fortrea (NASDAQ: FTRE) has reported its financial results for the first quarter ending March 31, 2024. The company's revenues for the quarter were $662.1 million, a decrease from the $693.9 million reported in the first quarter of 2023.

The GAAP net loss from continuing operations for the first quarter of 2024 was $81.6 million, with a diluted loss per share of $0.91. This is a significant change from the first quarter of 2023, which saw a GAAP net income from continuing operations of $7.3 million and diluted earnings per share of $0.08.

Adjusted EBITDA for the first quarter of 2024 was $29.5 million, down from $41.7 million in the first quarter of 2023.

The backlog as of March 31, 2024, was reported to be $7.4 billion, with a book-to-bill ratio for the quarter of 1.11x. The company's cash and cash equivalents were $92.8 million, and gross debt was $1,646.0 million as of March 31, 2024. Operating cash flow for the quarter was $(25.6) million, with free cash flow reported at $(34.9) million.

Looking ahead, Fortrea has provided financial guidance for the full year 2024, targeting revenues in the range of $2,785 million to $2,855 million and adjusted EBITDA guidance in the range of $240.0 million to $260.0 million.

While the company has noted immaterial adjustments to its previously reported financial information, it is in the process of completing its unaudited interim condensed consolidated and combined financial statements for the first quarter ended March 31, 2024.

Following these announcements, the company's shares moved -16.3%, and are now trading at a price of $27.66. If you want to know more, read the company's complete 8-K report here.

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