Fortrea Holdings Inc. (FTRE) stock surged 5.11% in pre-market trading on Tuesday, despite the company reporting disappointing fourth-quarter 2024 results and issuing weaker-than-expected guidance for 2025.
In its Q4 2024 earnings report, Fortrea disclosed a 1.8% year-over-year decline in revenue to $697 million, primarily due to lower late-stage clinical service fee revenue. The company's adjusted EBITDA margin for the full year 2024 also decreased to 7.5%, down from 8.6% in 2023, impacted by the lower revenues and higher SG&A expenses.
Fortrea's net loss for the full year 2024 ballooned to $271.5 million, a significant increase from the $31.7 million net loss reported in 2023. The company attributed the larger net loss to the impact of pre-spin projects with lower revenue and profitability, as well as higher SG&A costs related to professional fees and exiting transition services with its former parent company.
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