Sothebys Tops Q1 Views

reported stronger-than-expected results for the first quarter on Monday. The New York-based company posted quarterly net income of $5.2 million, or $0.07 per share, versus a year-ago loss of $6.1 million, or $0.09 per share. Its adjusted earnings came in at $0.11 per share. Its revenue slipped to $155.7 million from $156.8 million. However, analysts were projecting a profit of $.00 per share on revenue of $152 million. The average estimate among 4 Estimize users was for a loss of $0.02 per share and revenue of $150.58 million. Adjusted operating income climbed 127 percent year-over-year to $22.2 million, from $12.4 million. President and Chief Executive Officer Tad Smith said, "Our Company delivered significant profit growth in the quarter as compared to last year through strong sales in Old Masters, Impressionist & Modern and Contemporary Art. These successes highlight the depth and breadth of Sotheby's expertise. We are off to a good start in 2015." Sothebys shares rose 0.16 percent to close at $43.71 on Friday.