Famous auction house Sotheby's ( BID ) late Monday said its fourth quarter profit jumped 31% from last year, marking the company's most profitable quarter in over three years.
The New York-based company reported fourth quarter net income of $96.2 million, or $1.38 per share, compared with $73.6 million, or $1.09 per share, in the year-ago period.
Revenue surged 46% from last year to $318 million.
On average, Wall Street analysts expected a smaller profit of $1.32 per share, on lower revenue of $298 million.
CEO William Ruprecht said in a statement that "The recovery of the global art market, which was aided in part by the increased buying activity of clients from new markets, certainly contributed to these results."
Sotheby's shares fell 91 cents, or -1.9%, in premarket trading Tuesday.
The Bottom Line
Shares of Sotheby's ( BID ) have a .41% dividend yield, based on last night's closing stock price of $49.22. The stock has technical support in the $43-$45 price area. The shares are approaching all-time highs around the $54-$55 price levels.
Sotheby's ( BID ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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