Fortrea Posts Loss In Q4; To Divest Endpoint Clinical And Patient Access Businesses

(RTTNews) - Fortrea (FTRE) posted a fourth quarter GAAP net loss of $36.0 million and loss per share of $0.41 compared to net income of $33.4 million and earnings per share of $0.38, prior year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.24, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $67.2 million, compared to $109.8 million, prior year.

Revenue was $775.4 million, compared to $761.7 million, a year ago. Analysts on average had estimated $776.06 million in revenue.

Separately, Fortrea said it has signed a definitive agreement to divest assets relating to Enabling Services segment, namely Endpoint Clinical and Fortrea Patient Access businesses, to Arsenal Capital Partners. The purchase price is $345 million.

For 2024, the company targets revenues in the range of $3.14 billion to $3.21 billion and adjusted EBITDA in the range of $280 million to $320 million, excluding the impact of the planned transaction.

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