Sotheby’s Reports, H1 & Q2

Sotheby’s reported its financial results for the second quarter and six months ended June 30, 2019. For the three months ended June 30, 2019, Sotheby’s reported net income of $57.0 million, or $1.20 per diluted share as compared to $57.3 million, or $1.08 per share in the second quarter of 2018. 

 

Excluding certain items, Adjusted Net Income was $70.0 million, or $1.47 per diluted share in the second quarter of 2019 as compared to Adjusted Net Income of $58.1 million, or $1.09 per diluted share in the second quarter of 2018 – increases of 21% and 35%, respectively, from the second quarter of 2018.

 

For the six months ended June 30, 2019, Sotheby’s reported net income of $49.9 million, or $1.05 per diluted share, a 2% decrease from net income in the first half of 2018, but an 11% increase in diluted earnings per share, reflecting the impact of the common stock repurchases of the previous nine months. 

 

Excluding certain items, Adjusted Net Income for the first half of 2019 was $63.1 million, or Adjusted Diluted Earnings per Share of $1.33.  As compared to the first half of 2018, Adjusted Net Income* was flat and Adjusted Diluted Earnings per Share* improved 13% from $1.18.

 

“We are very pleased with our second quarter and first half performance,” said Tad Smith, President and CEO, adding, “The proposed acquisition of our company is on track, and we remain focused on serving our global clients.”

 

  • Sotheby’s Reports, H1 & Q2