UPDATE: Level 3 Communications Posts Upbeat Q4 Earnings

Level 3 Communications Inc. LVLT reported upbeat earnings for the fourth quarter. The Broomfield, Colorado-based company reported a quarterly profit of $66 million, or $0.21 per share, versus a year-ago profit of $14 million, or $0.06 per share. Excluding certain items, the company earned $0.35 per share. Its revenue climbed 19.5% to $1.91 billion. However, analysts were projecting a profit of $0.30 per share on revenue of $1.97 billion. For the full year 2014, free cash flow was $325 million, versus negative $47 million in the full year 2013. As of Dec. 31, 2014, on a consolidated basis, Level 3 Communications had cash and cash equivalents of around $580 million. "Level 3 had a solid 2014, delivering strong financial and operational results and completing the acquisition of tw telecom," said Jeff Storey, president and CEO of Level 3. "In 2015, we continue to focus on executing against our integration plans while investing to grow the business well into the future." Level 3 Communications shares fell 2.70% to $50.00 in pre-market trading.