PARIS--Essilor International SA (EI.FR) Thuirsday reported a
21.3% increase in nine-months revenue to 3.76 billion euros from
3.1 billion euros a year earlier, citing a robust market, and
reiterated its full-year guidance.
MAIN FACTS:
- In the third quarter only, revenue grew 18.2% to EUR1.23
billion from EUR1.04 billion a year earlier.
- "Essilor continues to implement its strategy of innovation in
every market in response to the demand for better visual health.
Following in the tracks of Optifog, and CrizalUV early in the year,
the new Varilux S series progressive lens is being steadily
deployed by our teams, country by country," Essilor's Chairman and
Cheif Executive Hubert Sagnieres said.
- "The third quarter performance is a further illustration of
our ability to diligently execute our action plans around the world
and we remain confident in achieving our objectives for 2012," Mr.
Sagnieres also said.
- Over the first nine months, the 5.4% positive currency effect
was mainly due to the rise against the euro in the US dollar and,
to a lesser extent, the Canadian dollar, the Chinese yuan and the
Australian dollar which more than offset the impact of the decline
in the Brazilian real.
- Over the first nine months, the 5.8% organic growth reflected
the strong momentum in the Lenses and Optical Instruments business,
led by new products and fast growing demand, as well as the solid
performance by the Readers division.
Newly acquired companies increased revenue for the period by
10.1%, with bolt-on acquisitions(1) accounting for 2.7% of the gain
and the 2011 strategic acquisitions of Shamir Optical and Stylemark
representing 4.9%.
- In the third quarter, demand remained brisk in North America.
In the United States, sales to independent eyecare professionals
are still being driven by anti-reflective lenses. Sales to
independent laboratories were particularly sustained over the
period.
- In the third quarter, growth was firm in Europe, with the
exception of selected markets in Southern Europe, notably Italy and
Portugal, and the Instruments division. In the Asia-Pacific &
Africa region, all of the fast-growing markets, led by China and
India, maintained their strong expansion. Business with the optical
chains slowed in Australia but sales to independent eyecare
professionals are still trending upwards. Growth in Japan remained
firm despite the expected changes in the competitive
environment.
- In the third quarter in Latin America, demand continued to
rise in Brazil and especially Mexico, where revenue growth is being
driven by volume gains and an improving sales mix. The
deteriorating economic environment weighed on revenue in
Argentina.
-Write to Geraldine Amiel at geraldine.amiel@dowjones.com
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