Sotheby's loss narrows more than expected, while revenue nearly doubles [MarketWatch]
SOTHEBYS (BID)
Last sothebys earnings: 5/2 07:00 am
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Source: MarketWatch
Sotheby's loss narrows more than expected, while revenue nearly doubles This replaces a previous item that mistated third-quarter adjusted losses. It has been corrected. Sotheby's BID, -0.58% reported Friday a third-quarter net loss that narrowed to $23.5 million, or 45 cents a share, from $54.5 million, or 99 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted losses per share narrowed to 45 cents from 78 cents, compared with the FactSet consensus for a per-share loss of 68 cents. Total revenue rose 87% to $171.4 million, as agency commission and fees revenue increased 42% to $72.7 million, inventory sales more than tripled to $81.5 million and finance revenue grew 5% to $5.5 million. The FactSet revenue consensus was $111.2 million. "While the third quarter is seasonally quiet for us, things feel good for our business and the market overall," said Chief Executive Tad Smith. "All eyes are now on New York and Geneva for the fourth quarter with our
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