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Monday, August 6, 2018

-=Sotheby's (BID) reported earnings on Mon 6 Aug 2018 (b/o)

The auctioneer posted weaker-than-expected profit for the second quarter.
New York-based Sotheby's said it had net income of $57.3 million, or $1.08 a share, in the quarter, down 26% from $76.9 million, or $1.43 a share, in the year-earlier period. The decline was partly due to the movement of certain Spring Hong Kong sales to the first quarter of 2018 that traditionally have been held in the second quarter, the company said in a statement. The schedule change moved $130 million in net auction sales and $20 million in operating income to the first quarter. Revenue rose 2% to $345.6 million from $339.9 million. The FactSet consensus was for EPS of $1.55 and revenue of $330 million. Shares have gained 2.5% in 2018, while the S&P 500 (SPX) has gained 6.2%.

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