Sotheby's Reports Higher Q2 Profit

Sotheby's BID released its fiscal second-quarter earnings results after the closing bell on Tuesday. The company missed both Wall Street earnings and revenue expectations. In late trade, the stock was last down around 0.19 percent to $44.83. Management Commentary "Our business and the market for quality art at the high end continue to be strong," said Bill Ruprecht, Chairman, President and Chief Executive Officer. "We saw significant sales growth in Impressionist, Modern and Contemporary Art and posted the best results in the market in the vast majority of key sales this Spring. We continue to see fierce competition for high-end consignments and as a result, lower auction commission margins. "We're very pleased to see impressive participation from emerging market clients as we continue to pursue a number of initiatives, particularly in China and the Middle East, as well as in our digital space, that we believe will better serve our clients and enhance the long-term value of the franchise," Ruprecht continued. Fiscal Q2 Results Sotheby's reported net income of $92 million or $1.33 per share, compared to $85 million or $1.24 per share, in last year's corresponding quarter. This missed analysts' consensus EPS estimates of $1.37. Revenue in the period was $305 million from $304 million in the prior year period. This also came up short of Wall Street consensus revenue expectations of $318.14 million. Related: See all of Tuesday's movers in Benzinga's Market Wrap.