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Sotheby's profit beats consensusin Q1

Sotheby's said its normalized net income for the first quarter was 12 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS climbed year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $8.1 million, a gain from $1.2 million in the prior-year period.

The normalized profit margin increased to 5.2% from 0.7% in the year-earlier period.

Total revenue came to $155.7 million, compared with $156.8 million in the year-earlier period, and total operating expenses declined 9.2% on an annual basis to $133.4 million from $147.0 million.

Reported net income came to $4.9 million, or 7 cents per share, compared to a loss of $6.2 million, or a loss of 9 cents per share, in the year-earlier period.