Fortrea Reports Fourth Quarter and Full-Year 2024 Results; Issues Full-Year 2025 Guidance

Core Insights - Fortrea reported a GAAP net loss of $(73.9) million for Q4 2024, compared to a loss of$(48.6) million in Q4 2023, indicating a decline in profitability [3][10] - The company's full-year revenue for 2024 was $2,696.4 million, down from$2,842.5 million in 2023, reflecting a decrease in overall sales [5][10] - Fortrea's book-to-bill ratio for Q4 2024 was 1.35x, showing strong demand for its services [4][10] Financial Performance - Q4 2024 revenue was $697.0 million, a decrease from$709.7 million in Q4 2023 [3][10] - Full-year 2024 adjusted EBITDA was $202.5 million, down from$245.8 million in 2023 [5][10] - The trailing twelve-month book-to-bill ratio was 1.16x, with a backlog of $7,699 million as of December 31, 2024 [6][10] Cash Flow and Debt - As of December 31, 2024, the company had cash and cash equivalents of$118.5 million and gross debt of $1,142.0 million [7][10] - Operating cash flow for the full year was$262.8 million, with free cash flow of $237.3 million [7][10] 2025 Financial Guidance - For 2025, Fortrea targets revenues between$2,450 million and $2,550 million, with adjusted EBITDA guidance of$170 million to $200 million [8][10]