Level 3 Communications 1Q loss narrows

Level 3 Communications Inc., which provides Internet networking services, said on Tuesday that its first-quarter loss narrowed on higher revenue and lower costs.

The company reported a loss of $205 million, or 12 cents per share, compared with a loss of $238 million, or 14 cents per share, in the same quarter a year ago. Excluding one-time items, Level 3 would have posted a loss of 11 cents per share, missing analysts' forecast by a penny, according to FactSet.

However, Level 3 exceeded analysts' revenue expectations. Revenue rose to $929 million from $910 million, above analysts' $922.6 million estimate. Level 3's biggest communications network segment, wholesale, recorded a 2 percent revenue gain. European revenue jumped 11 percent, with increases of 6 percent from large business and federal clients, and 3 percent from mid-market clients. Wholesale voice services revenue slipped 1 percent.

The company's total costs and expenses continued to exceed revenue, despite falling nearly 2 percent to $933 million from $951 million. Other expenses, primarily from interest costs, fell 11 percent to $174 million. The company also recorded an income tax expense of $27 million.

On April 11, Level 3 announced plans to buy Global Crossing Ltd. for $2 billion, joining two major long-distance telecommunications networks. The combined company's reach would extend to 70 countries on three continents.

Shares of Level 3 closed up a penny at $1.65.

  • Man drives three-wheeled Mustang along a Texas highway 2 hours 57 minutes ago
    Man drives three-wheeled Mustang along a Texas highway

    Some things in life are hard to explain, like why a dentist insists on asking you questions when you clearly can't respond. Or why we call pants "a pair" even though it's just one. Or how about this puzzler: Why a person would drive their Mustang along a Texas highway despite it missing a wheel? Life is full of little mysteries, I guess.

  • How a mom stole a car in under 60 seconds 21 hours ago
    How a mom stole a car in under 60 seconds

    “I didn't steal your car but I think my mom may have. It's a long story. I'll explain, but your car is safe and sound," read the flier posted in Red Hook, Brooklyn. It’s a strange tale that began when Cheyrl Thorpe was asked by her daughter Nekisia Davis to dog sit her Pomeranian at her apartment, according to New York Magazine.

  • All-new 2015 Subaru Outback reestablishes higher ground 23 hours ago
    All-new 2015 Subaru Outback reestablishes higher ground

    Much of Subaru’s modern day success in America can be attributed to one car: the Outback. Born in 1994 as a response to the growing popularity of SUVs, the Outback established a winning formula of combining a high-riding suspension, butch body cladding and big round fog lights to its comfortable, no-nonsense Legacy wagon. It is the kind of unique product that only a quirky company like Subaru could build, and was one that kept Subaru from slipping into ubiquity even as traditional SUVs and crossovers have taken over the world.

  • Singaporeans slam NEA's $120 licence requirement for tissue sellers
    Singaporeans slam NEA's $120 licence requirement for tissue sellers

    Singaporeans on social media reacted angrily to news that tissue sellers at hawker centres and street corners are being required to pay for an annual licence.

  • Heartbreaking texts from students on sinking S. Korea ferry
    Heartbreaking texts from students on sinking S. Korea ferry

    Heart-wrenching messages of fear, love and despair, sent by high school students from a sinking South Korean ferry, added extra emotional weight Thursday to a tragedy that has stunned the nation. Nearly 300 people -- most of them students on a high school trip to a holiday island -- are still missing after the ferry capsized and sank on Wednesday morning. Mom, I love you," student Shin Young-Jin said in a text to his mother that was widely circulated in the South Korean media.

  • Indonesia’s armed forces chief says “no apology” for warship’s name
    Indonesia’s armed forces chief says “no apology” for warship’s name

    General Moeldoko, the head of Indonesia’s Armed Forces, has clarified that he had not apologised for the naming of a warship after two Indonesian marines who had been involved in the 1965 MacDonald House bombing in Singapore.