Sotheby's Profit, Revenue Tops Estimates

Auction house Sotheby's said Monday it had net income of $5.2 million, or 7 cents a share, in the first quarter, after a loss of $6.1 million, or 9 cents a share, in the year-earlier period. Adjusted per-share earnings came to 11 cents, ahead of the FactSet consensus of breakeven. Revenue edged back to $155.7 million from $156.8 million, and was also ahead of the FactSet consensus of $152 million. Chief Executive Tad Smith said profit was boosted by strong sales of old masters, impressionist and modern and contemporary art. Shares were not yet active in premarket trade, but are up 1.2% in the year so far, while the S&P 500 has gained 2.8%.