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Level 3 Loss Widens

The telco expesses optimism, however.
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Level 3 (LVLT) slipped 3% early Thursday after the telco posted a wider loss for its first quarter.

The Broomfield, Colo., company lost $647 million, or 44 cents a share, for the quarter ended March 31, compared with the year-ago loss of $168 million, or 20 cents a share. Revenue rose to $1.06 billion from $822 million a year ago.

The latest-quarter loss included a 29-cents-a-share charge for debt extinguishment.

Analysts surveyed by Thomson Financial were looking for a 22-cent loss of sales of $1.04 billion.

"We are pleased with our results for the first quarter, particularly with the substantial progress we made in reducing and restructuring our long-term debt and the integration of our acquired businesses, as well as the continued revenue growth from our core services," said James Q. Crowe, CEO of Level 3. "We met or exceeded all guidance measures this quarter, and believe we will see continued revenue and EBITDA growth as a result of customer demand, strong sales and the benefit of our integration activities going forward."

The company said it expects total communication revenue of $1 billion to $1.045 billion in the second quarter.