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Jun 30, 2023
Fortrea Q2 2023 Earnings Report
Fortrea reported financial results, marking its independence as a CRO after a successful spin-off.
Key Takeaways
Fortrea reported second-quarter revenue of $793.0 million, which remained flat compared to the previous year. GAAP net income was $28.3 million, with earnings per share at $0.32. Adjusted EBITDA was $72.5 million. The company provided full-year 2023 guidance, expecting revenue between $3,034 million and $3,096 million, and adjusted EBITDA between $255 million and $285 million.
Completed spin-off, becoming an independent CRO.
Second-quarter revenue was $793.0 million, flat compared to Q2 2022.
GAAP net income was $28.3 million, with EPS at $0.32.
Adjusted EBITDA was $72.5 million.
Forward Guidance
For the full year 2023, the Company expects revenue in the range of $3,034 million to $3,096 million and adjusted EBITDA in the range of $255 million to $285 million. This guidance assumes a full year 2023 adjusted tax rate of 27% to 30% and does not reflect the potential impact of currency fluctuations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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