Level 3’s first-quarter profits take slight dip
BROOMFIELD — Level 3 Communications Inc. (NYSE: LVLT) posted a slight decrease in first-quarter net income on a per-share basis Thursday, while revenue grew by 21 million versus the same quarter a year earlier.
The Broomfield telecommunications giant’s profit came in at $124 million, or 34 cents per diluted share, for the first quarter. That’s compared with $122 million, or 35 cents per diluted share, in the first quarter of 2015.
Revenue climbed to $2.05 billion, thanks mostly to a 3.6 percent jump in Core Network Services revenue to $1.95 billion.
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The company increased its guidance range for 2016 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a move that initially caused a boost to Level 3’s share price early Thursday before shares leveled off later in the day.
Just before markets closed Thursday afternoon, Level 3 shares were trading at $54.18, up 9 cents from Wednesday’s close.
