France-based Essilor International SA said fourth-quarter revenue grew 1.1% year on year on a reported basis, while full-year 2017 reported profit fell.
The eyewear company booked fourth-quarter consolidated revenue of €1.83 billion, up from €1.81 billion in the same period in 2016.
For full year 2017, the company said reported profit attributable to equity holders came in at €789 million, down from €813 million in the prior year. Reported EPS for the year was €3.64, down from €3.79 in 2016.
On an adjusted basis, 2017 profit attributable to equity holders was €833 million, or an EPS of €3.85.
The nonrecurring adjustment items include expenses related to the company's proposed €48 billion merger with Luxottica Group SpA and tax reform. The company incurred €109 million in transaction costs for the proposed combination and gained €73 million and €19 million from tax changes in the U.S. and France, respectively.
Revenue for 2017 was €7.50 billion, up 5.3% from €7.12 billion in 2016. The company's lenses and optical instruments recorded sales growth of 4.5% year over year to €6.50 billion.
For full year 2018, Essilor is targeting revenue growth of 4% on a like-for-like basis and is expecting the contribution from operations to be greater than or equal to 18.3% of revenue.
The company expects to finalize its combination with Italy-based eyewear peer Luxottica in the first part of 2018 after it obtains all required authorizations.
