Sotheby's Misses Profit Expectations, But Beats On Sales

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Sotheby's reported on Monday fourth-quarter net earnings of $74 million, or $1.07 a share, down from $90.8 million, or $1.32 a share, in the same period a year ago. Excluding non-recurring items, such as a $7.5 million charge associated with the transition of its chief executive, per-share earnings were $1.12, below the FactSet consensus analyst estimate of $1.28. Revenue rose to $351.2 million from $339.2 million, above the FactSet consensus of $338.1 million, as growth in principal, finance and license fee revenue offset a decline in agency revenue. The stock, which wasn't active premarket, has run up 11% in the past three months, compared with a 1.8% gain in the S&P 500.

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