Why Fortrea Holdings Stock Is Sinking Today
Shares of Fortrea Holdings (NASDAQ: FTRE) were sinking 10.9% lower at 11:10 a.m. ET on Monday. The decline came after the global contract research organization (CRO) announced its second-quarter results.
Fortrea reported Q2 revenue of $793 million. This result was flat year over year (YOY). The company also posted earnings of $28.3 million, or $0.32 per share. In the prior-year period, Fortrea generated earnings of $66.4 million, or $0.75 per share.
Investors were watching Fortrea's Q2 results especially closely for one key reason: It was the company's first quarter as a stand-alone entity. Labcorp completed the spin-off of Fortrea on June 30, 2023.
Source Fool.com
