Sotheby’s Earnings Cheat Sheet: Exceeds Forecasts with Boost of Profit Rise

Sotheby’s (NYSE:BID) reported net income above Wall Street’s expectations for the second quarter. Sothebys is an auctioneer of authenticated fine art, real estate, antiques and decorative art, jewelry and collectibles.¬†HOUSE OF THE WEEK: Spectacular Private Palm Beach Oceanfront Condo>>

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Sotheby’s Earnings Cheat Sheet for the Second Quarter

Results: Net income for Sotheby’s rose to $127.2 million ($1.81 per share) vs. $86.2 million ($1.26 per share) in the same quarter a year earlier. This marks a rise of 47.5% from the year earlier quarter.

Revenue: Rose 31.4% to $369.8 million from the year earlier quarter.

Actual vs. Wall St. Expectations: BID beat the mean analyst estimate of $1.57 per share. It beat the average revenue estimate of $333.7 million.

Quoting Management: “This is the best quarter in Sotheby’s history,” said Bill Ruprecht, President and Chief Executive Officer. “Great works of art are enormously desirable to collectors from every corner of the world right now.

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 46.8%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 74.3% from the year earlier quarter.

The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 4 cents per share.

Competitors to Watch: Jones Lang LaSalle (NYSE:JLL), CB Richard Ellis (NYSE:CBG), Duke Realty (NYSE:DRE), SL Green (NYSE:SLG), Vornado (NYSE:VNO) and Boston Properties (NYSE:BXP).

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(Source: Xignite Financials)

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