Level 3 Turns To Profit In Q2; Backs FY16 Adjusted EBITDA View

(RTTNews) - Level 3 Communications, Inc. (LVLT) reported Wednesday that its second-quarter net income was $149 million or $0.41 per share, compared to net loss of $13 million or loss per share of $0.04.

The latest results included a charge of $40 million or $0.11 per share for the modification and extinguishment of debt, while last year's charge was $163 million or, approximately $0.46 per share.

Excluding charge, basic earnings per share were $0.53, compared to $0.42 a year ago.

On average, 18 analysts polled by Thomson Reuters expected loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items

Total revenue was $2.056 billion in the latest quarter, while prior year's revenues on a reported basis were $2.061 billion and modified basis were $2.037 billion.

Analysts were looking for revenues of $2.08 billion for the quarter.

The modified results last year excluded the results from the company's Venezuelan subsidiary's operations that was deconsolidated as of September 30, 2015.

CNS Revenue was $1.956 billion in the second quarter 2016, increasing 0.7 percent year-over-year.

Further, the company said that as looking at the remainder of the year, it is confident in and are reiterating outlook for Adjusted EBITDA and Free Cash Flow.

The company expects full year 2016 Adjusted EBITDA growth of 10 to 12 percent and Free Cash Flow of $1.0 to $1.1 billion.

All other outlook measures remain unchanged.