July 19, 2007 / 8:37 PM / 11 years ago

UPDATE 1-Oakley 2nd-qtr net income up as sales jump 29 pct

(Recasts, adds estimates, detail, outlook)

LOS ANGELES, July 19 (Reuters) - Eyewear maker Oakley Inc. OO.N reported higher quarterly net profit on Thursday, matching Wall Street estimates, and boosted its sales outlook for the year. Oakley, which is being acquired by Italian luxury eyewear group Luxottica (LUX.MI), said second-quarter net profit rose to $21.5 million, or 31 cents per share, from $17.9 million, or 26 cents per share, a year earlier.

Total sales jumped to $263.2 million from $203.6 million, driven by double-digit increases in sales of sunglasses, prescription eyewear and goggles.

Analysts, on average, had expected earnings of 31 cents on sales of $243.0 million, according to Reuters Estimates. Based on the strong quarterly sales, the Foothill Ranch, California-based company raised its 2007 sales outlook to a range of $930 million to $960 million, representing growth of 22 percent to 26 percent. An earlier outlook was for sales growth of 18 percent to 22 percent.

The company did not change a 2007 forecast calling for earnings to range between 95 cents and 98 cents a share, but said this range now includes transaction costs related to the merger.

Wall Street, on average, has been expecting full-year earnings of 98 cents, according to Reuters Estimates.

Luxottica, which is the world’s biggest eyewear maker whose brands include RayBan and Prada, announced in June it would buy Oakley in an all-cash deal worth about $2.1 billion.

((Reporting by Alexandria Sage, editing by Braden Reddall/Jeffrey Benkoe; Email: alexandria.sage@reuters.com, Tel: +1-213-955-6781)) Keywords: OAKLEY RESULTS/

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