Sotheby's beats by $0.09, beats on revs
Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.02; revenues fell 0.7% year/year to $155.7 mln vs the $151.73 mln consensus.
- Co reported an 8% increase in auction commission revenues, attributable to improved auction commission margins, and 3% growth in Net Auction Sales. The improvement in auction commission margin is primarily due to the change in the buyer's premium rate structure enacted on 1 February 2015 and a lower level of buyer's premium shared with consignors.