Fortrea (NASDAQ:FTRE) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Fortrea (NASDAQ:FTRE) issued its quarterly earnings data on Friday. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02), RTT News reports. The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. Fortrea updated its FY 2024 guidance to EPS.

Fortrea Stock Up 32.2 %

NASDAQ FTRE traded up $5.81 during trading hours on Friday, hitting $23.86. The company’s stock had a trading volume of 5,074,060 shares, compared to its average volume of 1,288,370. The company’s 50-day simple moving average is $19.69 and its two-hundred day simple moving average is $24.25. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02. The company has a market capitalization of $2.14 billion, a PE ratio of -7.30, a price-to-earnings-growth ratio of 2.72 and a beta of 0.70. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77.

Wall Street Analysts Forecast Growth

FTRE has been the subject of several recent research reports. TD Cowen cut their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft decreased their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Friday. Bank of America dropped their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. Finally, Evercore ISI decreased their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $23.60.

Fortrea Company Profile

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.