Level 3 Communications Q3 Loss Narrows; Backs 2013 Outlook - Quick Facts

(RTTNews) - Level 3 Communications, Inc. (LVLT) reported that its third-quarter of 2013 net loss narrowed to $21 million or $0.09 per share, from $166 million or $0.76 in the third quarter 2012. Analysts polled by Thomson Reuters expected the company to report a loss of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.

The latest-quarter net loss per share included $0.13 per share or $30 million of severance charges and $0.08 per share or $17 million of refinancing charges.

Adjusted EBITDA was $415 million for the third quarter 2013, excluding $30 million of severance charges. This compared to $378 million for the third quarter 2012, excluding $6 million of severance charges.

Core Network Services Revenue for the quarter was $1.397 billion, compared to $1.365 billion last year.

Total revenue for the quarter declined to $1.569 billion from $1.590 billion last year. Twelve analysts estimated revenues of $1.58 billion for the quarter.

For the fourth quarter, the company expects stronger sequential growth in Adjusted EBITDA, from the starting point of $415 million in the third quarter. This improvement is primarily a result of the cost actions taken during the third quarter along with revenue growth.

The company said its outlook for the full year 2013 essentially remains unchanged. The company still expects sequential Core Network Services or CNS revenue growth in 2013 to be generally stronger compared to 2012. It continues to expect low double-digit Adjusted EBITDA percentage growth for the full year 2013 compared to the full year 2012, excluding the $40 million of severance charges incurred in the second and third quarter 2013, which were not factored into its original outlook.