Level 3 Communications posted third quarter earnings that included a $120 million net loss, that was bigger than its $33 million loss in the second quarter this year, but much better than its $174 million Q3 loss in 2007. That said, the company also improved revenue slightly year-over-year to $1.07 billion, matching analysts' estimates.
Level 3 CEO James Crowe said the company is well-positioned, but Level 3 also changed its outlook for its full-year adjusted EBITDA figure to the range of $980 million to $1 billion. It's previous outlook had been for EBITDA to be between $950 billion to $1.1 billion. The carrier also said wholesale customer sales cycles were growing longer amid economic uncertainty, but that it has funds to pay $305 million in debt due in September 2009.
The company's stock price was up briefly today, before heading downward.
Level 3 had positive news in the second quarter