Sotheby's Q2 Net Income Decreases - Quick Facts

(RTTNews) - Sotheby's (BID) reported second quarter net income attributable to company of $67.6 million or $0.96 per share, compared to $77.6 million, or $1.11 per share, for the second quarter of 2014. Adjusted net income was $73.1 million or $1.04 per share, for the quarter.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $1.24 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $332.0 million, a decrease of 1% compared to the prior year. Total revenues excluding the impact of foreign currency exchange rate changes increased by 3%. Analysts expected revenue of $342.49 million for the quarter.

Sotheby's Board has approved an increase of $125 million to the company's remaining share repurchase authorization of $125 million, resulting in a total share repurchase authorization of $250 million.

CEO Tad Smith said, "Our company delivered strong sales to date in 2015 but some anomalies in the second quarter depressed the bottom line. We are moving forward with our strategic plan and look forward to reporting its results in due course."