Sotheby's 4th Quarter 2016 Beats Expectations

Sotheby's released their 4th quarter results and the stock price responded positively.  The stock hit a 52 week high with adjusted earnings per share of $1.35, beating the estimate of $1.17. While total sales for 2016 were down over 25% at $4.9 billion, and private sales very about 13% the positive news is that commissions were up by about 18%.

CNBC reports
Shares of Sotheby's climbed more than 15 percent to reach a 52-week intraday high Monday after the company reported fourth-quarter earnings that beat forecasts.

The New-York based auction house reported adjusted earnings of $1.35 per share for the quarter, topping a Thomson Reuters consensus estimate of $1.17 a share. One year ago, Sotheby's reported a quarterly loss of 17 cents per share.

Results for the latest quarter "benefited from a lower effective tax rate and a significantly lower number of shares outstanding due to share repurchases made throughout 2016," Sotheby's said in a release.

Quarterly sales came in at $308.7 million, topping a $269 million FactSet expectation but down from the company's revenue of $335.8 million in the same period last year.

With Monday's gains, shares of Sotheby's have risen more than 16 percent this year and are up 104 percent over the past 12 months.
Source: CNBC

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