Level 3 Sees Profit Rise
Communications technology company Level 3 ended the year in fine fashion, posting a fourth quarter profit of $14 million, compared to a loss of $56 million during the fourth quarter of 2012.
The results came despite a minor drop in quarterly revenue, $1.6 billion for the fourth quarter of 2013, compared to $1.61 a year ago. The drop in revenue came from a decline in wholesale voice services and other revenue, down to $159 million from $223 million a year ago.
Level 3’s core network services (CNS) revenue was up to $1.44 billion, from $1.39 billion.
“We had a strong finish to 2013 as our fourth quarter revenue benefited from both underlying growth and seasonal strength,” said Jeff Storey, president and CEO of Level 3. “Level 3’s global network and differentiated customer experience continue to resonate with enterprises, leading to solid CNS enterprise growth of 6.8% for the full year 2013. We are well-positioned for improved growth in 2014.”
Sunit Patel, EVP and CFO of Level 3, said for 2014, the company is expecting CNS revenue up nearly 3%.
“For the first quarter 2014, we expect CNS revenue to be roughly flat on a sequential basis, due to the typical reversal in seasonally strong fourth quarter revenue offset by continued underlying growth,” Patel said.