MILAN, July 28 (Reuters) – Franco-Italian eyewear maker EssilorLuxottica reported a 15% rise in first-half adjusted operating profit on Tuesday, comfortably beating analysts’ expectations, while revenue growth was driven by strong demand for AI-powered glasses and products in its myopia management portfolio.
The Ray-Ban maker made adjusted operating profit of €2.75 billion ($3.13 billion) in the six months to June 30, compared with a Visible Alpha analyst consensus of €2.46 billion.
The company did not provide a detailed explanation for the stronger-than-expected profit performance. In recent weeks, however, some European companies, including Philips, have reported margins ahead of market expectations, partly benefiting from U.S. tariff-related reimbursements.
Second-quarter revenue rose 8.7% at a constant exchange rate, supported by an almost doubling of sales from AI glasses produced in partnership with Meta and a 24% increase in revenue from the myopia portfolio over the same period.
The company said its core eyewear and eyecare business, which accounts for the vast majority of revenue, delivered mid-single-digit growth during the period.
Revenue came in at €7.7 billion, slightly below analysts’ expectations of €7.8 billion, according to the Visible Alpha consensus.
Shares in the group have nearly halved from their mid-November peak amid concerns over the smart glasses outlook, profitability concerns and uncertainty at major shareholder Delfin.
In late June, the two companies unveiled a new range of lower-priced AI smart glasses, starting at $299. The new models will be manufactured outside EssilorLuxottica’s facilities.
The company confirmed the medium-term outlook it provided earlier this year.
($1 = 0.8774 euros)
(Reporting by Elisa Anzolin, additional reporting by Gianluca Lo Nostro; Editing by Emelia Sithole-Matarise)
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