Fortrea Holdings Inc. (NASDAQ:FTRE) shares are trading lower after the company reported soft first-quarter FY24 results and cut its revenue outlook.
Revenue of $662.1 million missed the consensus of $754.6 million. As of March-end, the backlog stood at $7.4 billion, and the book-to-bill ratio for the quarter was 1.11x.
Adjusted EBITDA stood at $29.5 million, a decline from $41.7 million a year ago. Adjusted EPS of $(0.04) missed the street view of $0.01.
In the quarter, operating cash flow came in at $(25.6) million, and free cash flow was $(34.9) million. As …
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