Sotheby’s (NASDAQ:BID) reported its results for the first quarter. Sothebys is an auctioneer of authenticated fine art, antiques and decorative art, jewelry and collectibles. Check out: HOUSE OF THE WEEK>>
Sotheby’s Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $2.4 million (3 cents/diluted share) in the quarter. The Sotheby’s had a net loss of $2.2 million or a loss 3 cents per share in the year earlier quarter.
Revenue: Rose 17.4% to $119.6 million YoY.
Actual vs. Wall St. Expectations: BID fell short of the mean analyst estimate of 4 cents/share.
Quoting Management: “This is one of our best first quarters on record,” said Bill Ruprecht, President and Chief Executive Officer of Sotheby’s. “It is all the more impressive given the outstanding first quarter of 2010, which included one work by Giacometti which sold for an unprecedented $104.3 million.”
Stock Performance: Shares of BID closed up up 1.9% today: