Level 3 (LVLT) says that it is looking for a new CFO. "As the company focuses on ensuring we take full advantage of the opportunities presented by our marketplace, we believe we need a CFO with skills and experience which emphasize both operational and financial management," the company’s Chief Executive James Crowe said in a statement, quoted by Reuters.
Level 3’s shares are down 5% on the news, trading at $4.64, near a 52-week low. And, they should be. Announcing that the CFO is leaving just before the earnings release is a sure fire signal that the quarter will not be good.
Level 3 is a debt-laden nightmare, so its quarterly cash-flow is essential to keeping the company in good standing with its lenders. In the June quarter, the company showed over $6.8 billion in long-term debt. The company has had a string of quarterly operating losses.
The signal is not good.
Douglas A. McIntyre
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
