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Mar 31, 2024
Fortrea Q1 2024 Earnings Report
Fortrea's financial performance in Q1 2024 reflected a mix of challenges and progress, with a focus on strategic divestitures and operational improvements.
Key Takeaways
Fortrea reported Q1 2024 results with revenues of $662.1 million, a GAAP net loss of $81.6 million, and an adjusted EBITDA of $29.5 million. The company is progressing with its planned divestiture of assets and focusing on differentiating its services.
Revenues for the first quarter were $662.1 million.
GAAP net loss from continuing operations was $81.6 million, with a diluted loss per share of $0.91.
Adjusted EBITDA was $29.5 million.
The book-to-bill ratio for the quarter was 1.11x.
Fortrea
Fortrea
Forward Guidance
For the full year 2024, Fortrea targets 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.