Art Auctioneer Sotheby's ( BID ) said late
Thursday that it saw a loss in the third quarter with an rise in
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
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
Sotheby's ( BID ) is not recommended at
this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5
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