Fortrea rises as Q3 core profit beats estimates
** Shares of Fortrea Holdings FTRE.O rise 25.1% to $22.58 premarket
** Contract research firm's Q3 EBITDA of $64.2 mln beats Wall Street estimates of $61.9 mln - data compiled by LSEG
** Higher bookings for services improved co's book-to-bill ratio to 1.23x from 0.96x in Q2
** Co's Q3 revenue of $674.9 is in line with estimates
** However, FTRE's Q3 adj EPS of 23 cents is below estimates of 25 cents
** Co also lowers upper end of 2024 revenue forecast to $2.73 bln from $2.75 bln, keeping lower end at $2.7 bln
** Analysts expect 2024 revenue of $2.7 bln
** Brokerage Evercore ISI sees the stock reacting positively to the reported numbers and outlook
** EBITDA margins expanded to 9.5%, which should help to provide some comfort in the path back to double-digit margins starting in Q4 - Evercore
** Up to last close, stock down 48.3% YTD
Reporting by Puyaan Singh
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
