Third-quarter net losses for Level 3 Communications narrowed slightly, beating analysts’ expectations as the company improved operating margins.
The net loss for the period ending Sept. 30 was $163 million, or 10 cents per share, compared to $170 million and 10 cents per share during the same quarter last year.
Analysts polled by Thomson Reuters expected the company based in Broomfield, Colo., which began in Omaha as a subsidiary of Peter Kiewit Sons’ Inc., to post a loss of 11 cents a share on $909.7 million in revenue.
Revenue for the quarter was $912 million, down from $916 million during the same period in 2009. Communications revenue was $895 million, while $17 million came from the company’s coal-mining operations.
Company officials said the company is in a good position to improve revenues going forward.
“We are optimistic about the opportunities in front of us,” CEO James Crowe said in a statement.
Level 3, which provides fiber-based communications services to customers worldwide, has operations in Lincoln and Omaha.
The stock closed at 97 cents Thursday. In the last 52 weeks, its trading range has been 83 cents to $1.77.
Contact the writer:
444-1414, ross.boettcher@owh.com
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