Sotheby's (BID) Misses Q2 EPS by 20c; Boosts Common Stock Buyback

Sotheby's (NYSE: BID) reported Q2 EPS of $1.04, $0.20 worse than the analyst estimate of $1.24. Revenue for the quarter came in at $332 million versus the consensus estimate of $342.49 million.

Sotheby’s Board of Directors has approved an increase of $125 million to the Company’s remaining share repurchase authorization of $125 million, resulting in a total share repurchase authorization of $250 million. The Board has concluded that this share repurchase program strikes a balance between preserving capital for growth, downside risk protection, and returning available capital to shareholders. Sotheby’s intends to repurchase $125 million of its common stock from shareholders in the near term via an Accelerated Share Repurchase (“ASR”) Program. The Company expects the balance of the share repurchase program will be executed in the next 12 - 18 months, via open market transactions and/or additional ASR Programs.

For earnings history and earnings-related data on Sotheby's (BID) click here.

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