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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sothebys | NYSE:BID | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.99 | 0 | 01:00:00 |
Sotheby's said Friday that it expects to post earnings above Wall Street's views for the fourth quarter, excluding charges stemming from the repatriation of foreign earnings and employee buyouts.
The auction house expects to report an adjusted per-share profit of $1.11 to $1.17, above the 84 cents analysts have predicted and versus $1.12 in the year-earlier period.
The estimate strips out a tax-related charge of 94 cents to $1.02 that is the result of Sotheby's bringing foreign earnings home. Because of an expanded stock buyback program "and the need for cash in the U.S.," the company said, it decided to repatriate roughly $381 million that it previously intended to reinvest abroad.
In addition, Sotheby's will book a fourth-quarter charge of 35 cents a share relating to a voluntary separation program implemented during the period.
Sotheby's said Friday that its board approved a $200 million increase to its existing $125 million share repurchase program.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
January 22, 2016 08:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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