Auction house Sotheby's ( BID ) on Thursday said it reversed a year-ago loss and posted better-than-expected second quarter earnings.
The New York-based company reported second quarter net income of $127.2 million, or $1.81 per share, compared with a net loss of $86.2 million, or -$1.26 cents per share, in the year-ago period.
Revenue jumped 31% from last year to $369.8 million.
On average, Wall Street analysts expected a much lower profit of $1.57 per share, on smaller revenue of $336.2 million.
Sotheby's shares were unchanged in premarket trading Thursday.
The Bottom Line
Shares of Sotheby's ( BID ) have a .50% dividend yield, based on last night's closing stock price of $39.94. The stock has technical support in the $35-$37 price area. If the shares can firm up, we see overhead resistance around the $45 price level.
Sotheby's ( BID ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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