UPDATE: Level 3 Posts Q3 Profit

Level 3 Communications LVLT posted a profit in the third quarter. The Broomfield, Colorado-based company reported a quarterly profit of $85 million, or $0.35 per share, versus a year-ago loss of $21 million, or $0.09 per share. The latest quarter included expenses of $7 million related to the TW Telecom transaction. The net loss for the year-ago quarter included $0.13 per share of severance charges and $0.08 per share of refinancing charges. Its revenue rose 3.8% to $1.63 billion. However, analysts were expecting earnings of $0.31 per share on revenue of $1.63 billion. Revenue at its core network services segment rose 5.8% to $1.482 billion in the quarter. In North America, Level 3's revenue in core network service segment climbed 8% on a constant currency basis, while core network service revenue in the Latin America rose 9%. As of September 30, 2014, Level 3 Communications had cash and cash equivalents of approximately $729 million. "Level 3's and tw telecom's results reflect both companies' strong focus on execution in the enterprise market," said Jeff Storey, president and CEO of Level 3. "Given the combined company's broad product portfolio, extensive network reach and customer-first mindset, we believe we are well-positioned to continue to capture enterprise market share." Level 3 shares rose 0.49% to $47.48 in pre-market trading.