Sotheby’s Posts a Loss in Q3; Revenue Increases for the First Time in Four Quarters (BID)

By Staff,

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Art Auctioneer Sotheby's ( BID ) said late Thursday that it saw a loss in the third quarter with an rise in revenue.

The New York, New York-based company reported a third quarter loss of $32.6 million, or 48 cents a share, compared to a loss of $29.7 million, or 44 cents a share, a year earlier. Wall Street analysts expected BID to see a loss of 49 cents per share. The firm typically reports a loss in the first and third quarters of a year; the biggest auctions are usually held in the second and fourth quarters.

Sotheby's quarterly revenue increased +18% to $68.5 million. This missed analysts' view of $94.2 million in revenue for the quarter. However, this is the first time the company has seen an increase in revenues in the past four quarters.

"Sotheby's continues to see considerable demand for precious works of art," said Bill Ruprecht, President and Chief Executive Officer. "Our sales in London last month brought record results and starting this evening and in the coming weeks, we will offer for sale the finest collection of paintings, drawings, sculpture and jewels available in the world - including a number of rare works that we are very excited about. The art market remains quite robust, especially at the high end."

Sotheby's shares were up 18 cents, or +0.60%, in premarket trading on Friday.

The Bottom Line
Shares of Sotheby's ( BID ) have a 1.06% dividend yield, based on last night's closing stock price of $30.25. The stock has technical support in the $27-$28 price area. If the shares can firm up, we see overhead resistance around the $34-$36 price levels.

Sotheby's ( BID ) is not recommended at this time, holding a DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: BID

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