Global Crossing 1Q loss narrows on higher sales

Telecommunications company Global Crossing Ltd. said Thursday its first-quarter loss narrowed on higher sales.

The company recorded a loss of $70 million, or $1.28 per share, compared with a loss of $121 million, or $3.30 per share, in the year-ago quarter.

Sales rose to $630 million from $616 million.

Analyst polled by Thomson Financial expected a loss of $1.15 per share on sales of $632.7 million.

International sales, outside of the U.K. and Latin America, rose to $386 million from $374 million.

It also reiterated that it expects 2008 sales to grow 2.4 percent to 6.4 percent, beating Wall Street expectations.

Global Crossing forecast 2008 sales to range from $2.57 billion to $2.67 billion.

Analysts polled by Thomson Financial expect sales of $2.62 billion.

Global Crossing runs large-scale communications cables. It has come out of bankruptcy to offer Internet access, managed networking for multinational corporations and carrier services for telecom companies.

Shares in the Bermuda-based company rose 77 cents, or 4.4 percent, to $18.16 in morning trading. They have traded in the last year between $14.85 and $28.21.