Level 3 Communications (NYSE: LVLT) is expected to report Q3 earnings on Oct. 24. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Level 3 Communications's revenues will grow 68.5% and EPS will remain in the red.

The average estimate for revenue is $1.60 billion. On the bottom line, the average EPS estimate is -$0.14.

Revenue details
 Last quarter, Level 3 Communications reported revenue of $1.59 billion. GAAP reported sales were 74% higher than the prior-year quarter's $913.0 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at -$0.21. GAAP EPS were -$0.29 for Q2 compared to -$1.59 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 59.1%, 290 basis points worse than the prior-year quarter. Operating margin was 9.7%, 940 basis points better than the prior-year quarter. Net margin was -3.9%, 1,590 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $6.38 billion. The average EPS estimate is -$0.89.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 1,836 members out of 1,972 rating the stock outperform, and 136 members rating it underperform. Among 248 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 218 give Level 3 Communications a green thumbs-up, and 30 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Level 3 Communications is outperform, with an average price target of $32.01.