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Sotheby's Q4 profit falls YOY

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Sotheby's Q4 profit falls YOY

Sotheby's said its normalized net income for the fourth quarter came to $1.19 per share, compared with the S&P Capital IQ consensus estimate of $1.14 per share.

EPS climbed year over year from $1.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $78.4 million, a decrease from $79.9 million in the prior-year period.

The normalized profit margin rose to 23.4% from 22.7% in the year-earlier period.

Total revenue fell on an annual basis to $335.8 million from $351.2 million, and total operating expenses fell 5.2% year over year to $203.7 million from $214.8 million.

Reported net income came to a loss of $11.5 million, or a loss of 18 cents per share, compared to income of $74.5 million, or $1.07 per share, in the prior-year period.

For the year, the company's normalized net income totaled $2.09 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.03.

EPS declined from $2.13 in the prior year.

Normalized net income was $143.6 million, a decline from $148.3 million in the prior year.

Full-year total revenue increased year over year to $961.5 million from $938.1 million, and total operating expenses rose on an annual basis to $703.4 million from $670.2 million.

The company said reported net income fell 63.0% year over year to $43.3 million, or 63 cents per share, in the full year, from $116.9 million, or $1.68 per share.