Sotheby’s reported Friday a third-quarter net loss that narrowed to $23.5 million, or 45 cents a share, from $54.5 million, or 99 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted losses per share were 78 cents, wider than the FactSet per-share consensus for a loss of 68 cents. Total revenue rose 87% to $171.4 million, as agency commission and fees revenue increased 42% to $72.7 million, inventory sales more than tripled to $81.5 million and finance revenue grew 5% to $5.5 million. The FactSet revenue consensus was $111.2 million. “While the third quarter is seasonally quiet for us, things feel good for our business and the market overall,” said Chief Executive Tad Smith. “All eyes are now on New York and Geneva for the fourth quarter with our flagship sales of Impressionist, Modern and Contemporary Art and Jewelry.” The stock, which was still inactive in premarket trade, has climbed 28% year to date, while the S&P 500 has rallied 15%.
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