Level 3 Communications, Inc.,(LVLT), a provider of facilities-based integrated communications service, reported a narrow loss for the first quarter, on lower expenses.
For the quarter, the company recorded net loss of $78 million or $0.36 per share compared with net loss of $138 million or $0.66 per share during last year same quarter. The loss for this year includes $0.11 in foreign exchange losses in EMEA and Latin America, a $0.10 loss for the devaluation of the Venezuelan Bolivar, and $0.02 in legal charges.
Excluding the above mentioned charges, the company reported net loss of $0.13 per share.
On average, fourteen analysts polled by Thomson Reuters expected loss per share of $0.16 for the quarter. Analysts' estimates typically exclude one-time items.The company generated revenues of $1.57 billion, compared with $1.58 billion reported prior year same quarter. The Street expected the company to report revenues of $1.61 billion.
The company said it was affirming its guidance and for the full year, the company still expects double-digit adjusted EBITDA percentage growth.
Sunit Patel, CFO of the firm stated, "In the first quarter, CNS revenue declined as expected, due to the loss of a few known contracts. As a result, churn was 1.6 percent this quarter, higher than our average from 2012 of 1.3 percent. We expect churn to return to historical levels for the rest of the year."
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