Sotheby's Sees Beating Earnings Expectations
January 22 2016 - 9:00AM
Dow Jones News
Sotheby's said Friday that it expects to post earnings above
Wall Street's views for the fourth quarter, excluding charges
stemming from the repatriation of foreign earnings and employee
buyouts.
The auction house expects to report an adjusted per-share profit
of $1.11 to $1.17, above the 84 cents analysts have predicted and
versus $1.12 in the year-earlier period.
The estimate strips out a tax-related charge of 94 cents to
$1.02 that is the result of Sotheby's bringing foreign earnings
home. Because of an expanded stock buyback program "and the need
for cash in the U.S.," the company said, it decided to repatriate
roughly $381 million that it previously intended to reinvest
abroad.
In addition, Sotheby's will book a fourth-quarter charge of 35
cents a share relating to a voluntary separation program
implemented during the period.
Sotheby's said Friday that its board approved a $200 million
increase to its existing $125 million share repurchase program.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
January 22, 2016 08:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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