17.15
price down icon3.27%   -0.58
after-market After Hours: 17.20 0.05 +0.29%
loading

Why is Fortrea Holdings Inc (FTRE) Stock down?

We've noticed a 6.16% decline in Fortrea Holdings Inc (FTRE) stock during the 2024-10-24 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
13 May, 2024:

Fortrea Holdings Inc. (FTRE) stock declined by 14.90% following the company's announcement of soft first-quarter FY24 results and a downward revision of its revenue outlook.

  • Financial Performance Overview: The company reported a revenue of $662.1 million for the quarter, missing the consensus estimate of $754.6 million. Additionally, adjusted EBITDA decreased to $29.5 million from $41.7 million compared to the previous year. Adjusted EPS also fell short, coming in at $(0.04) against the street view of $0.01.
  • Cash Flow and Financial Position: Operating cash flow for the quarter was $(25.6) million, with free cash flow at $(34.9) million. As of March-end, the company had $92.8 million in cash and cash equivalents, while gross debt amounted to $1.65 billion.
  • FY24 Outlook Revision: Fortrea revised its FY24 revenue guidance to $2.785 billion-$2.855 billion from $3.14 billion-$3.205 billion and adjusted EBITDA guidance to $240.0 million-$260.0 million from $280 million-$320 million. The revised outlook reflects adjustments in light of current performance and market conditions.
$73.93
price up icon 0.45%
$22.57
price down icon 2.38%
$361.40
price up icon 2.44%
$54.72
price down icon 0.91%
$205.99
price down icon 4.87%
$113.94
price down icon 0.06%
Cap:     |  Volume (24h):