Why Fortrea Holdings Stock Climbed Nearly 10% Higher Today
A better-than-expected third-quarter earnings report was the sugar powering Fortrea Holdings' (NASDAQ: FTRE) share price higher on Monday. The contract researcher to the healthcare industry enjoyed a nearly 10% lift in its stock's value as a result, comparing very well to the slight (0.1%) dip of the S&P 500 index on the day.
Fortrea's revenue for the period came in at just over $776 million, which was comfortably above the $762 million it earned in the same quarter of 2022. On the other hand, its non-GAAP (adjusted) net income fell precipitously to a bit over $21 million ($0.24 per share) versus the more than $80 million it netted in the year-ago period.
Despite the bottom-line slide, both headline figures easily topped the average analyst expectations. Prognosticators tracking Fortrea stock were modeling only $753 million for revenue and a much lighter per-share, adjusted net income figure of $0.15.
Source Fool.com
