Sotheby's Revenue Slips, But Beats Expectations

Sotheby's reported second-quarter net income of $89 million, or $1.52 per share, up from $67.6 million, or 96 cents per share, for the same period last year. Adjusted earnings totaled $1.51 per share, beating the FactSet consensus of $1.04. Revenue for the quarter totaled $298.7 million, down from $332.0 million, but beating the FactSet consensus of $282 million. The company said that results were boosted by the change in the timing of the summer contemporary art sales in London, which were held during the third quarter in 2015. The increase in adjusted earnings is due to stock repurchases over the past year. Sotheby's shares are inactive in premarket trading, but up 25.3% for the year so far. The S&P 500 Index is up 6.8% for the year to date.