Sotheby’s profit, revenue rise above expectations

on Feb28
by | Comments Off on Sotheby’s profit, revenue rise above expectations |


BID, +1.52%

reported Thursday a fourth-quarter profit and revenue that rose above expectations. The stock was still inactive in premarket trade. Net income increased to $85.7 million, or $1.75 a share, from $76.7 million, or $1.44 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.48. Total revenue grew 11% to $375.1 million, above the FactSet consensus of $336.3 million, as agency commissions and fees rose 7.4% to $338.6 million to top expectations of $301.3 million. For the year, private sales rose 37% and online sales grew 24%. The stock has slipped 0.2% over the past three months while the S&P 500

SPX, -0.05%

has gained 1.8%.

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