By Dean Seal
Shares of Fortrea Holdings sank to a new low after the company said it expects revenue to drop this year.
The stock fell 31% to a new all-time low of $9.55 in the first half of the trading day. The two-year-old shares closed the market at $37.72 this time a year ago.
The contract-research organization said Monday morning that it expects $2.45 billion to $2.55 billion in revenue for 2025, down from $2.7 billion last year. Analysts polled by FactSet had been forecasting a small gain to $2.73 billion.
For the last three months of 2024, the company's quarterly loss widened and its adjusted earnings of 18 cents a share were below analyst forecasts for 36 cents a share, according to FactSet.
Revenue slid 1.8% to $697 million, below projections for $703.3 million, according to FactSet.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 03, 2025 12:26 ET (17:26 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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