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Sotheby's Q2 profit falls 15.6% YOY

4006194 said its second-quarter normalized net income was $1.07 per share, compared with the S&P Capital IQ consensus estimate of $1.24 per share.

EPS fell 16.1% year over year from $1.27.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $74.7 million, a decline of 15.6% from $88.5 million in the year-earlier period.

The normalized profit margin fell to 22.5% from 26.3% in the year-earlier period.

otal revenue decreased year over year to $332.0 million from $335.8 million, and total operating expenses increased 10.5% on an annu Sotheby's