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Investing.com -- EssilorLuxottica SA reported third-quarter sales growth of 11.7% compared to the year ago at constant exchange rates, above the Bloomberg consensus of 8.5%. At current rates, sales grew 6.7%.
This marks the company’s strongest quarter on record, sending the shares up more than 10% on Friday. The stock hit an all-time high of €309.4 during the session and last traded at €306.7.
The beat was driven by broad momentum across products, channels and regions, with most areas delivering double-digit growth. Professional Solutions and Direct to Consumer grew 11.9% and 11.6%, respectively, and North America and EMEA also recorded double-digit gains across channels.
On the earnings call, management said trading remained strong in October, with growth accelerating further in both the sun and lens segments.
EssilorLuxottica launched new Ray-Ban and Oakley Meta glasses in September and highlighted its Stellest lenses for myopia management, recently cleared by the U.S. FDA. It expanded its medical technology operations through acquisitions of Optegra eye clinics and RetinAI.
Chief Financial Officer Stefano Grassi said the AI-powered glasses added more than 4 percentage points to sales growth, and demand has led EssilorLuxottica to bring forward its production capacity plans for the product.
"In our view, such strong results indicate that the group is now at an inflection of its growth algo, where Ray-Ban Meta starts contributing more materially while the core business remains resilient, thanks to continued innovation and consistent execution," JPMorgan analysts said.
The bank lifted its price target on the stock to 300 euros.
EssilorLuxottica confirmed its long-term targets of mid-single-digit annual revenue growth through 2026, aiming for €27–28 billion in revenue and adjusted operating margins of 19–20% by the end of the period.
(Pratyush Thakur contributed to this report.)