Sotheby’s Q4 Results Smash Expectations, Despite Luxury Market Weakness
Written by StockNews.com
Sotheby’s (NYSE: BID) early Monday [Feb 27, 2017 | 7:03am] posted much better than expected fourth quarter earnings results, despite an increasingly soft market for luxury goods.
The New York City-based auction house reported adjusted Q4 EPS of $1.35, which was up 13% from last year and $0.18 better than the Capital IQ Consensus of $1.17.
Revenues fell 8.1% from last year to $308.69 million, also topping analysts’ view for $271.89 million.
For the full year 2016, BID said its revenues plunged 27% to $4.9 billion, as a soft art buying market ate into results. Full-year results were also hurt by tough comps stemming from a massive Taubman Collection sale in late 2015.
The company commented via press release:
“These results reflect growing confidence in the market as collectors responded enthusiastically to the great collections and works we secured for sale. Even more importantly, the quarter demonstrated that when the market stabilizes, let alone when it returns to its secular growth trajectory, our company is poised to capitalize on the upturn and do very well for our shareholders.”
...Year-to-date, BID has gained 0.58%, versus a 5.91% rise in the benchmark S&P 500 index during the same period.
BID currently has a StockNews.com POWR Rating of B (Buy), and is ranked #22 of 33 stocks in the Asset Management category.
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