Broomfield-based Level 3 Communications Inc., the unprofitable operator of long-distance phone networks, on Thursday posted a narrower fourth-quarter loss, helped by acquisitions and job cuts.
Losses shrank to $91 million, or 6 cents a share, from $237 million, or 20 cents a share, a year earlier. That compares with an average loss of 11 cents estimated by analysts in a Bloomberg survey. Sales rose 30 percent to $1.1 billion, topping estimates.
Level 3 has completed nine acquisitions in the past two years, including Broadwing Corp., to bolster revenue and expand its network. The purchases are beginning to yield results after delays combining computer systems and customer-service processes.
Level 3, which has lost money for nine straight years, lost 14 cents, or 4.5 percent, to $3 in Nasdaq Stock Market trading. The stock has declined 54 percent in the past 12 months. Level 3 forecast 2008 sales growth of as much as 13 percent.
