Sothebys Misses Q2 Views

reported weaker-than-expected results for the second quarter on Friday. The New York-based company posted quarterly net income of $67.6 million, or $0.96 per share, compared to $77.6 million, or $1.11 per share, in the year-ago quarter. Its adjusted earnings came in at $1.04 per share. Its revenue slipped 1 percent year-over-year to $332 million. However, analysts were expecting earnings of $1.24 per share on revenue of $342 million. The average estimate among 7 Estimize users was for earnings of $1.26 per share and revenue of $343.56 million. Its adjusted operating income declined 16 percent to $125.5 million for the quarter. Its private sale commissions rose 32 percent in the quarter, while auction commission margin expanded 0.3 percent to 15.5 percent. President and Chief Executive Officer 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." The company's board raised its share repurchase program to $250 million. Sothebys shares fell 3.43 percent to close at $40.51 yesterday.