Published on May 12th, 2017 | by itadmin
Sotheby’s Reports Earnings Below Expectations for Q4 Despite Revenues Outperforming Estimates
Sotheby’s (BID) recently reported their financial results for the fourth quarter of the 2017 fiscal year. Thus, the company that is based in New York posted earnings that were weaker than analysts and the market had been expecting.
Sotheby’s reported they achieved net earnings for the quarter of $74 million, which equates to earnings per share of $1.06. This is compared to the net earnings of $90.8 million the company posted during the same quarter of the previous year, which worked out to earnings per share of $1.3 at the time. After exclusion of items that weren’t recurring, Sotheby’s earnings per share worked out to $1.12.
The company saw their revenues grow from $339.2 million during the same period of the previous year to $351.2 million in the final quarter of the 2017 fiscal year. While analysts had expected the company to generate revenues of $338.1 million, which the company beat, they had estimated earnings per share of $1.28, which the company failed to deliver on.
Bill Ruprecht, the President, Chairman and Chief Executive Officer of Sotheby’s stated that the company had had an excellent year in 2017 as they achieved sales growth in the double digits in quite a few of their key categories such as contemporary art, impressionist and modern art, old masters, jewelry, American art, and old masters. Ruprecht stated that the company’s success was testament to the breadth and depth of their expertise and were further proof that the team was more than capable of delivering the results their stakeholders were looking for.
Sotheby’s saw their shares close at $43.95 at the end of last week. The company has been trading between $34.74 and $49.05 over the past 52 weeks. Sotheby’s has a market cap of $.299 billion and a price to earnings ratio of 24.99.