From GlobeNewswire: 2025-05-12 06:40:00

Fortrea (Nasdaq: FTRE) reported Q1 2025 financial results with revenues of $651.3 million, GAAP net loss of $(562.9) million, and adjusted EBITDA of $30.3 million. The book-to-bill ratio for the quarter was 1.02x. Backlog as of March 31, 2025, was $7,721 million. The company reiterated its full-year 2025 guidance of revenues between $2,450 million to $2,550 million and adjusted EBITDA between $170 million to $200 million.

On May 12, 2025, Fortrea announced that Peter M. Neupert, the Lead Independent Director, will serve as Interim CEO and Board Chair as Thomas Pike steps down. An executive search for a new CEO is in progress. Mr. Pike will serve as a resource to the leadership team through the transition. The company will host an earnings call on May 12, 2025, to discuss Q1 results.

Fortrea’s Q1 2025 financial results show a solid start to the year, with revenues of $651.3 million. GAAP net loss was $(562.9) million, including a non-cash goodwill impairment charge. Adjusted EBITDA was $30.3 million. The company reiterated its guidance for full-year 2025, targeting revenues of $2,450 million to $2,550 million and adjusted EBITDA of $170 million to $200 million.

As of March 31, 2025, Fortrea’s backlog was $7,721 million, with a book-to-bill ratio of 1.02x for the quarter. The company announced the appointment of Peter M. Neupert as Interim CEO and Board Chair, following Thomas Pike’s resignation. An executive search for a new CEO is underway. The company will hold an earnings call on May 12, 2025.



Read more at GlobeNewswire:: Fortrea Reports First Quarter 2025 Results