Brocker.Org: Shares of auction house Sotheby’s soar on earnings beat

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‘Portrait of Two Boys’ by Titian and studio, one of the first few double portraits in Renaissance painting, circa 1540, showcased in an exhibition of Sotheby’s Old Masters Sale at Sotheby’s on December two, 2016 in London.

Shares of Sotheby‘s climbed much more than 11 % to achieve a 52-week intraday high Monday just after the enterprise claimed fourth-quarter earnings that beat forecasts.

The New-York dependent auction house claimed altered earnings of $1.35 per share for the quarter, topping a Thomson Reuters consensus estimate of $1.seventeen a share. Just one 12 months back, Sotheby’s claimed a quarterly loss of seventeen cents per share.

Outcomes for the latest quarter “benefited from a lessen successful tax fee and a considerably lessen selection of shares fantastic thanks to share repurchases made in the course of 2016,” Sotheby’s claimed in a release.

Quarterly profits came in at $308.seven million, topping a $269 million FactSet expectation but down from the firm’s earnings of $335.eight million in the exact period final 12 months.

With Monday’s gains, shares of Sotheby’s have risen much more than twelve % this 12 months and are up nearly ninety six % above the previous twelve months.

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