Sothebys (BID) Releases Earnings Results, Misses Expectations By $-0.15 EPS

Sothebys (BID) reported quarterly earnings results on Monday, May-9-2016. The company reported $-0.35 earnings per share for the quarter, missing the analyst consensus estimate by $-0.15. Analysts had a consensus of $-0.20. The company posted revenue of $106.50 million in the period, compared to analysts expectations of $122.73 million. The company’s revenue was down -31.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS.

Many Wall Street Analysts have commented on Sothebys. Sothebys was Downgraded by Standpoint Research to ” Hold” on Apr 14, 2016. Sothebys was Downgraded by Barrington Research to ” Mkt Perform” on Feb 26, 2016. Sothebys was Downgraded by Stifel to ” Hold” on Feb 11, 2016.

Sothebys opened for trading at $26.81 and hit $27.51 on the upside on Friday, eventually ending the session at $27.27, with a gain of 0.70% or 0.19 points. The heightened volatility saw the trading volume jump to 11,24,539 shares. Company has a market cap of $1,689 M.

In a different news, on Feb 12, 2016, Dennis M Weibling (CFO) purchased 4,000 shares at $19.99 per share price. According to the SEC, on Feb 3, 2016, Jonathan Olsoff (General Counsel) purchased 2,155 shares at $23.13 per share price. On Feb 3, 2016, Olivier Reza (director) purchased 10,000 shares at $23.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Sotheby’s is a global art business company. The Company operates in three segments: Agency Principal and Finance. The Company’s Agency segment accepts property on consignment stimulates buyer interest through professional marketing techniques and matches sellers (also known as consignors) to buyers through the auction or private sale process. The Company’s Principal segment is engaged in the sale of artworks that have been purchased by Sotheby’s including property acquired for sale at auction in the near term in lieu of the Agency segment providing an auction guarantee to a potential consignor. The Company’s Finance segment provides certain collectors and art dealers with financing secured by works of art that Sotheby’s either has in its possession or permits borrowers to possess.


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