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Investors Encouraged By Level 3 Communications Q4 And Guidance

Investors Encouraged By Level 3 Communications Q4 And Guidance
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Shares of Level 3 Communications, Inc. (NYSE: LVLT) were trading higher by more than 2 percent early Thursday morning after the company reported its fourth-quarter results.

Level 3 Communications said it earned $0.53 per share in the fourth quarter on revenue of $2.1 billion. Wall Street analysts were expecting the company to earn $0.52 per share on revenue of $2.1 billion.

Net income for the quarter totaled $3.323 billion and included a non-cash benefit to the fourth quarter. Adjusted EBITDA for the quarter rose to $681 million from $469 million.

For the full fiscal year, total revenue rose to $8.229 billion from $8.123 billion, highlighted by a core network services revenue growth of 5.3 percent. Adjusted EBITDA for the full year rose to $2.638 billion from $2.271 billion a year ago.

"Our 2015 results demonstrate Level 3's solid execution and performance," said Jeff Storey, president and CEO of Level 3. "Demand for bandwidth remains strong and the proliferation of connected devices continues. These demand drivers are creating an enterprise networking opportunity that is well suited for the depth, scale and reach of Level 3's global network and capabilities. We believe we are well positioned to continue to take enterprise market share."

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