Level 3 first-quarter earnings hit by $44 million refinancing loss

BROOMFIELD — Level 3 Communications Inc. (NYSE: LVLT) missed analyst expectations by 2 cents, posting 34 cents earnings per share in its first quarter.

The Broomfield-based telecommunications company, soon to be acquired by CenturyLink, had revenue of $2.05 billion, flat year-over-year but beating analyst expectations by $10 million.

Its 34 cents per share earnings, however, exclude a $44 million loss on Level 3’s modification of debt during a refinancing transaction during the quarter. Including that loss, earnings per share were 26 cents, a 10-cent drop from the first quarter 2016.

Net income, including…