Fortrea (FTRE) Set to Announce Earnings on Friday

Fortrea (NASDAQ:FTRE) is scheduled to be releasing its earnings data before the market opens on Friday, November 8th. Analysts expect Fortrea to post earnings of $0.27 per share for the quarter. Fortrea has set its FY 2024 guidance at EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 EPS. On average, analysts expect Fortrea to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Fortrea Trading Down 1.9 %

Shares of Fortrea stock opened at $16.82 on Friday. The stock has a market capitalization of $1.50 billion, a P/E ratio of -12.14, a price-to-earnings-growth ratio of 2.87 and a beta of 0.54. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The company has a 50-day simple moving average of $20.31 and a 200 day simple moving average of $24.98.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Bank of America reduced their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. Robert W. Baird reduced their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. TD Cowen decreased their price objective on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and lowered their target price for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. Finally, The Goldman Sachs Group decreased their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $23.60.

About Fortrea

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.