Seeking Alpha

Level 3 (LVLT -11.7%) tumbles following its Q4 EPS miss. The company guided for its core network...

Level 3 (LVLT -11.7%) tumbles following its Q4 EPS miss. The company guided for its core network services (CNS) ops, which make up the vast majority of sales, to show a slight Q/Q decline due to seasonality. Also, a Q4 gross margin of 59.4% (+120 bps Y/Y but -20 bps Q/Q) and full-year adjusted EBITDA growth of 20% (at the low end of guidance) might be disappointing some. Level 3 expects "low double digit" adjusted EBITDA growth in 2013. Q4 free cash flow was $202M vs. -$157M a year ago. (PR) (slides)

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