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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