Fortrea Holdings Inc. reported its financial results for the third quarter ended September 30, 2024, on November 8, 2024. The company announced revenue of $674.9 million, a decrease from $713.8 million in the third quarter of 2023.
The GAAP net loss for the quarter was $(18.5) million, or $(0.21) diluted loss per share, compared to a net loss of $(16.1) million and $(0.18) per share in the prior year. Adjusted EBITDA for the quarter was $64.2 million, down from $68.2 million year-over-year, but showed a sequential increase of 16.3%.
Fortrea's backlog increased to $7,571 million as of September 30, 2024, with a book-to-bill ratio of 1.23x for the quarter, indicating strong new business wins. The company updated its full-year 2024 revenue guidance to a range of $2,700 million to $2,725 million, while reaffirming its adjusted EBITDA guidance of $220 million to $240 million.
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