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Image source: Level 3.

Network-services specialist Level 3 Communications (NYSE:LVLT) just reported results for the first quarter of fiscal year 2014. Shares rose more than 8% in pre-market trading, following the news.

Level 3 reported earnings of $0.47 per diluted share on $1.6 billion in total revenue. The revenue results were in line with analyst estimates, but the Street was expecting EPS of no more than $0.28. Adjusted EBITDA earnings rose 23% year over year, to $458 million.

The company's 8% year-over-year sales growth rested on strong enterprise service sales in North and South America.

"The results reflect our focus on execution and emphasis on profitable growth," said Level 3 CEO Jeff Storey in a prepared statement. "We continue to capture market share by helping enterprises optimize their cost structure while moving to newer, more scalable technologies."

Looking ahead, Level 3 raised its full-year adjusted EBITDA growth projections from 12.5% to 16%, and also increased its free-cash-flow targets by $25 million. The midpoint of the new cash-flow guidance sits at $275 million. All other guidance targets were unmoved.

Anders Bylund has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days.

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