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Artnet swings to profit in Q4

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Artnet swings to profit in Q4

artnet AG said its fourth-quarter normalized net income was 7 euro cents per share, compared with a loss of 3 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €405,290, compared with a loss of €177,240 in the prior-year period.

The normalized profit margin increased to 8.3% from negative 4.7% in the year-earlier period.

Total revenue climbed 27.9% on an annual basis to €4.9 million from €3.8 million, and total operating expenses rose on an annual basis to €4.2 million from €4.2 million.

Reported net income totaled €652,370, or 11 cents per share, compared to a loss of €2.6 million, or a loss of 47 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 8 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3 cents.

EPS was a loss of 8 cents in the prior year.

Normalized net income was €419,430, compared with a loss of €443,760 in the prior year.

Full-year total revenue rose 24.3% from the prior-year period to €17.3 million from €13.9 million, and total operating expenses increased 14.4% on an annual basis to €16.6 million from €14.5 million.

The company said reported net income totaled €666,360, or 12 cents per share, in the full year, compared with a loss of €3.1 million, or a loss of 55 cents per share, the prior year.