Level 3 Communications (NYSE: LVLT) is expected to report Q1 earnings on April 25. 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 1.2% and EPS will remain in the red.

The average estimate for revenue is $1.61 billion. On the bottom line, the average EPS estimate is -$0.11.

Revenue details
 Last quarter, Level 3 Communications tallied revenue of $1.61 billion. GAAP reported sales were 2.2% higher than the prior-year quarter's $1.58 billion.

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 -$0.16. GAAP EPS were -$0.26 for Q4 versus -$0.80 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 59.4%, much worse than the prior-year quarter. Operating margin was 12.8%, much worse than the prior-year quarter. Net margin was -3.5%, 680 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $6.52 billion. The average EPS estimate is $0.05.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 1,821 members out of 1,953 rating the stock outperform, and 132 members rating it underperform. Among 224 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 198 give Level 3 Communications a green thumbs-up, and 26 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 $27.23.

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