Level 3 Q3 Profit Plunges - Quick Facts

(RTTNews) - Level 3 Communications, Inc. (LVLT) Wednesday said its third-quarter net income plunged to $1 million or breakeven per share from $85 million or $0.35 per share in the previous year.

Third Quarter 2014 Pro Forma net income last year was $81 million or $0.24 per share.

On average, 19 analysts polled by Thomson Reuters expected earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $2.062 billion from $1.629 billion in the prior year. Analysts expected revenues of $2.06 billion.

The company now expects adjusted EBITDA growth of 15 to 17 percent, compared to its previous expectation of 14 to 17 percent. It continues to expect Free Cash Flow of $600 to $650 million for full year 2015.

"We are confident in our full year financial performance, despite the change in the accounting for our Venezuelan operations and continued currency headwinds," said Sunit Patel, executive vice president and CFO of Level 3.