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.