Fortrea reports Q3 adjusted EPS 23c, consensus 25c

Reports Q3 revenue $674.9M, consensus $674.9M. Q3 Backlog increased to $7.571B, and the book-to-bill ratio for the quarter was 1.23x. “We had a solid quarter of execution” said Tom Pike, chairman and CEO of Fortrea (FTRE). “Our book-to-bill ratio for the quarter, as expected, is a nice mix of both large pharma and biotech awards. We have continued to make strong progress in the post-spin separation from our former parent. On the technology front for instance, we have migrated more than 90 percent of our IT applications and servers to the Fortrea environment.”