Shares of clinical research company Fortrea Holdings (NASDAQ:FTRE)
fell 14.3% in the afternoon session after the company reported first quarter 2025 earnings as the news of the CEO stepping down dominated, casting a shadow over the otherwise decent results. The company announced that Lead Independent Director, Peter M. Neupert, will serve as Interim Chief Executive Officer and Board Chair, as Thomas Pike stepped down from his role beginning May 13, 2025. This likely created some uncertainty regarding the near-term direction of the business, which investors typically react negatively to. Also, sales slipped a bit compared to the previous year. Still, Fortrea blew past analysts' sales and earnings forecasts. Zooming out, we think this quarter featured some important positives marred by the uncertainty of leadership.
Clinical research company Fortrea Holdings (NASDAQ:FTRE) beat Wall Street’s revenue expectations in Q1 CY2025, but sales fell by 1.6% year on year to $651.3 million. The company’s full-year revenue guidance of $2.5 billion at the midpoint came in 0.7% above analysts’ estimates. Its non-GAAP profit of $0.02 per share was significantly above analysts’ consensus estimates.
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Shares of clinical research company Fortrea Holdings (NASDAQ:FTRE)
fell 18.5% in the pre-market session after the company delivered weak fourth-quarter 2024 results, with sales, operating profits, and earnings all falling short of Wall Street's expectations. Not exactly the kind of report investors like to see. But if there's a silver lining, it's the book-to-bill ratio of 1.35x which means demand for future orders is still strong, even though current revenues took a hit.
Clinical research company Fortrea Holdings (NASDAQ:FTRE) missed Wall Street’s revenue expectations in Q4 CY2024, with sales falling 1.8% year on year to $697 million. The company’s full-year revenue guidance of $2.5 billion at the midpoint came in 8.7% below analysts’ estimates. Its non-GAAP profit of $0.18 per share was 50.7% below analysts’ consensus estimates.
Stocks fell broadly on Monday to start the month of March with all three major indices red in midday trading. Investors digested a decline in February's ISM Manufacturing PMI data which fell to 50.3%, down from 50.9% in January.
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over the past six months, healthcare stocks have collectively shed 1.7%. This performance is a noticeable divergence from the S&P 500’s 8.9% return.
