Fortrea Holdings Inc. (FTRE), a prominent contract research organization, announced on Friday a net loss from continuing operations amounting to $18.5 million, or $0.21 per share, for the third quarter. This reflects a larger deficit when compared to the $16.1 million, or $0.18 per share, loss recorded during the same period last year. The primary factor for this increase in net loss was a decline in revenue.
When excluding non-recurring items, Fortrea reported an income from continuing operations of $20.7 million or $0.23 per share, consistent with the previous year's figure of $20.1 million or $0.23 per share.
The company experienced an operating loss of $18 million, a stark contrast to the $103 million operating income achieved in the previous year.
Quarterly revenue declined to $674.9 million, down from $713.8 million the year prior.
Looking ahead, Fortrea now anticipates annual revenue to fall within the range of $2.7 billion to $2.725 billion, slightly adjusted from the earlier forecast of $2.7 billion to $2.75 billion.
