National Vision Q3 Profit Surges

(RTTNews) - National Vision Holdings Inc. (EYE) reported that its third-quarter net income surged to $35.29 million or $0.42 per share from $1.19 million or $0.01 per share for the third quarter of 2019.

Adjusted earnings per share increased to $0.54 from $0.16 in the previous year.

Net revenue increased 12.4% to $485.4 million from $431.9 million for the third quarter of 2019. The impact from the timing of unearned revenue on net revenue and profitability was immaterial for the third quarter of 2020.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share and revenues of $487.71 million for the quarter. Analysts' estimates typically exclude special items.

Comparable store sales growth was 11.6% and Adjusted Comparable Store Sales Growth was 12.4%.

For the fourth-quarter, the company expects adjusted earnings per share to be in the range of $0.10 - $0.14, and net revenue of $460 million- $475 million. Analysts expect the company to report earnings of $0.12 per share and revenues of $453.75 million for the fourth-quarter.

Looking ahead for the 53 weeks ending January 2, 2021, the company projects adjusted earnings per share of $0.53 - $0.57, net revenue of $1.675 billion - $1.690 billion. Wall Street currently is looking for fiscal year 2020 earnings of $0.23 per share on annual revenues of $1.68 billion.