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Jun 30, 2024
Fortrea Q2 2024 Earnings Report
Reported financial results for the second quarter ended June 30, 2024.
Key Takeaways
Fortrea reported a revenue of $662.4 million for the second quarter of 2024. The GAAP net loss was $(99.3) million, with a diluted loss per share of $(1.11). Adjusted EBITDA stood at $55.2 million. The company revised its full-year guidance due to lower pass-through and service-fee revenues.
Revenues for the second quarter were $662.4 million.
GAAP net loss was $(99.3) million, with a loss per share of $(1.11).
Adjusted EBITDA was $55.2 million, reflecting a 103.7% sequential increase.
Book-to-bill ratio for the quarter was 0.96x, with a backlog of $7.366 billion.
Fortrea
Fortrea
Forward Guidance
For the full year 2024, the company is revising its revenue guidance to a range of $2,700 million to $2,750 million and adjusted EBITDA guidance to a range of $220 million to $240 million.
Challenges Ahead
- The reduction in revenue is primarily due to lower pass-through revenues.
- Lower service-fee revenues in the second half as a result of lower net new business in the first half of 2024.
- Update to the adjusted EBITDA range is driven by the lower service-fee revenues.