Stock Track | Fortrea Soars 10.8% Pre-Market on Strong Q3 Results, Robust Backlog

Stock Track11-08

Shares of Fortrea Holdings Inc. (FTRE) surged 10.8% in pre-market trading on November 8, 2024, after the contract research organization (CRO) reported solid third-quarter results and increased its revenue guidance for the full year.

For the quarter ended September 30, 2024, Fortrea posted revenue of $674.9 million, down slightly from the prior year but in line with expectations. While the company reported a GAAP net loss of $18.5 million, its adjusted EBITDA came in at $64.2 million, indicating underlying profitability.

The highlight of Fortrea's Q3 performance was its robust backlog growth and book-to-bill ratio. The company's backlog grew to $7.57 billion, and its book-to-bill ratio stood at an impressive 1.23x, reflecting strong demand for its clinical trial services. This bodes well for future revenue growth, as the company executes on this backlog.

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(FTRE) surged 10.8% in pre-market trading on November 8, 2024, after the contract research organization (CRO) reported solid third-quarter results and increased its ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FTRE","symbol_name":"Fortrea Holdings Inc.","start_time":0,"source_url":"","article_id":"1107246404","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1107246404","pubTimestamp":1731065901,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Fortrea Holdings Inc.  surged 10.8% in pre-market trading on November 8, 2024, after the contract research organization  reported solid third-quarter results and increased its revenue guidance for the full year.For the quarter ended September 30, 2024, Fortrea posted revenue of $674.9 million, down slightly from the prior year but in line with expectations. 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