Sotheby’s (NYSE:BID) announced fourth-quarter results that beat expectations on Monday afternoon, but shares of the auctioneer were down more than 3% upon the release of results.
The auction house reported net income of $92.6 million, or $1.38 a share, compared with profit of $73.6 million, or $1.09 a share, in the fourth quarter of fiscal 2009.
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Revenue rose to $318 million, compared with revenue of $218.3 million in the year-ago quarter.The company beat expectations; analysts polled by Thomson Reuters had predicted earnings of $1.32 a share on revenue of $297.96 million.
"The net income of $161.0 million that we have been able to deliver in 2010 is our best yearly result ever, apart from 2007. It is a remarkable accomplishment," said Bill Ruprecht, President and Chief Executive Officer of Sotheby's, in a statement.
Ruprecht went on to credit increased purchasing activity from “clients from new markets,” and a variety of cost-cutting measures for the recovery of the art market and the company’s improved results.
Shares of Sotheby’s rose 2% in Monday’s session, closing the day at $49.22, before the company gave back those gains after the market closed. The stock fell $1.62, or 3.29%, in after-hours trading.