EssilorLuxottica: 2019 adjusted EPS close to consensus

(CercleFinance.com) - EssilorLuxottica has reported 2019 adjusted net income, group share of 1,938 million euros, up 4.
8% at constant exchange rates. Adjusted EPS was only one cent below the consensus, at 4.46 euros per share.

The Franco-Italian optical giant's adjusted operating margin remained stable at 16.2%, with sales up 7.4% compared to the pro-forma 2018 (up 4.4% at constant exchange rates) at 17.39 billion euros.

At the AGM on 15 May, its Board of Directors will recommend a dividend of 2.23 euros per share, with a payment option in cash or in newly issued shares. Its payment (or issuance of new shares) will take place on 15 June.

Assuming that the COVID-19 epidemic subsides in the coming months, and excluding GrandVision's impact, EssilorLuxottica expects sales growth of 3% to 5% at constant exchange rates, with adjusted net income of 0.7 to 1.2 times that of sales.



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