Sotheby’s and Carefusion Offer Interesting Insights After Earnings
Sotheby’s (NYSE:BID) reported its results for the second quarter. Reported a loss of $29.7 million (44 cents per diluted share) in the quarter. Sotheby’s had a loss of $19.4 million or 29 cents a share a year earlier. Revenue fell 20% to $58.2 million. BID fell short of the mean analyst estimate of a loss of 35 cents per share. It fell short of the average revenue estimate of $77 million.
“Sotheby’s continues to enjoy fierce bidding for great works of art,” said Bill Ruprecht, President and Chief Executive Officer. “Consolidated sales1 for the first nine months are up 36% to $3.8 billion and against a backdrop of global economic volatility, our Impressionist sales last week brought $229.7 million. There is vibrant demand for works of art which are fresh to the marketplace and appropriately priced.”
Carefusion Corporation (NYSE:CFN) saw a profit boost in the first quarter. Net income for Carefusion Corporation rose to $67 million (30 cents per share) vs. $38 million (17 cents per share) in the same quarter a year earlier. This marks a rise of 76.3% from the year earlier quarter. Revenue rose 4% to $844 million. CFN reported adjusted net income of 33 cents per share. By that measure, the company fell in line with the mean estimate of 33 cents per share. Analysts were expecting revenue of $840.4 million.
“Our revenue and adjusted earnings per share growth for the quarter was driven by increased sales in our Dispensing Technologies and Infusion Systems businesses and the benefit from a lower tax rate,” said Kieran Gallahue, chairman and CEO. “During the quarter, we transitioned from our stand-up phase to our foundation building stage, and made progress in our efforts to simplify how we do business and invest in areas to help expand margins and accelerate our top line growth. Today, we are reaffirming our full-year adjusted diluted earnings per share guidance for fiscal 2012 of $1.80 to $1.90 and revenue growth of three to five percent over fiscal 2011 on a constant currency basis.”
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