By a News Reporter-Staff News Editor at Investment Weekly News -- Level 3 Communications, Inc. (NYSE: LVLT) reported results for the first quarter 2016.
"Level 3's first quarter results demonstrate the benefit of our emphasis on profitable growth, as evident in our expanding margins and strong Free Cash Flow during the quarter," said Jeff Storey, president and CEO of Level 3. "The continued evolution of our products and service capabilities matches the changing and complex needs of enterprises, positioning the company to become the premier provider of global communications services."
Total revenue was $2.051 billion for the first quarter 2016, compared to $2.030 billion on a pro forma basis, for the first quarter 2015, excluding the results from the company's Venezuelan subsidiary's operations that was deconsolidated as of September 30, 2015.
In the first quarter 2016, the company generated net income of $124 million, basic earnings per share of $0.35 and diluted earnings per share of $0.34. Included in basic and diluted earnings per share was Income Tax Expense of $94 million, $85 million of which was non-cash, primarily due to utilization of the company's U.S. federal net operating losses. For the first quarter 2015, net income was $122 million and basic and diluted earnings per share were $0.35.
Keywords for this news article include: Finance, Telecommunications, Technology Companies, Communication Service Companies.
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