Mar 10, 2019
EssilorLuxottica forecasts revenue, operating income rise in 2019, confirms synergy objectives
Mar 10, 2019
PARIS (Reuters) - On Friday, optics giant EssilorLuxottica confirmed its synergy objectives and forecast a strong increase in revenue and operating income for 2019, after net income exceeded expectations in 2018.
Despite the announcement, the share price for the world's number one in eyewear and ophthalmic lenses lost about 3% in early trading on the Paris stock exchange.
EssilorLuxottica was created two years ago after the €46 billion merger of French group Essilor and Italian eyewear manufacturer Luxottica. It is the first time that EssilorLuxottica publishes its results as a new entity.
For 2019, the group expects a sales growth between 3.5 and 5% at constant exchange rates, and confirmed the intention of generating synergies worth a potential €600 million in the next five years.
Last year, EssilorLuxottica recorded a revenue of €16.16 billion, up 3.2% at constant exchange rates, and a net income of €1.9 billion, down 1.7% on what the group defined as “an adjusted basis.”
Based on figures by financial data expert Refinitiv, analysts were forecasting on average a net income of €1.6 billion.
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