EssilorLuxottica 2019 Revenue Rose; Raises Dividend
06 Marzo 2020 - 8:03AM
Dow Jones News
By Cristina Roca
EssilorLuxottica SA said Friday that revenue grew in 2019, and
it raised the dividend as it guided for sales growth in 2020
despite the coronavirus epidemic.
The Franco-Italian optical giant reported net profit of 1.08
billion euros ($1.21 billion), flat compared with a restated figure
of EUR1.08 billion the year previous and falling short of analysts'
expectations of EUR1.56 billion, according to a FactSet consensus
estimate.
Net profit adjusted for the Essilor-Luxottica merger and other
one-offs rose 9.2% to EUR1.94 billion, the company said.
The company--which was created in October 2018 from the
combination of optical-lens manufacturer Essilor and luxury-eyewear
maker Luxottica--said revenue was EUR17.39 billion, up from a pro
forma figure of EUR16.19 billion in 2018 and broadly in line with
analysts' expectations of EUR17.36 billion, according to a
consensus estimate provided by FactSet.
At constant currencies, revenue rose 4.4%, EssilorLuxottica
said.
The company's lenses & optical instruments category
increased revenue by 5.5% at constant exchange rates, whereas
sunglasses & readers were up 8.9% at constant exchange
rates.
"The current Covid-19 epidemic has a negative impact on the
company's business in Greater China, which represents approximately
5% of consolidated revenue," EssilorLuxottica said, adding that its
revenue in other regions has also been slightly hit by the
virus.
EssilorLuxottica issued its guidance for 2020 based on the
assumption that the epidemic will subside in the next few
months.
It guided for sales growth of 3%-5% at constant exchange rates,
and said it sees operating profit for the period, adjusted for the
expenses from the Essilor-Luxottica merger and other special items,
growing at 0.7 times to 1.2 times the pace of sales growth.
Adjusted net profit, adjusted for the same factors, should also
grow at 0.7 times to 1.2 times the pace of sales growth,
EssilorLuxottica said.
The eyewear company declared a dividend of EUR2.23 a share,
compared with EUR2.04 a share for 2018.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
March 06, 2020 01:48 ET (06:48 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Grafico Azioni Essilor Luxottica (PK) (USOTC:ESLOY)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Essilor Luxottica (PK) (USOTC:ESLOY)
Storico
Da Ott 2023 a Ott 2024