WASHINGTON (dpa-AFX) - Sotheby's (BID) Thursday reported a loss for the first quarter compared to a profit last year, hurt mainly by lower auction sales.
Net loss for the quarter was $10.7 million or $0.16 per share, compared to net income of $2.4 million or $0.03 per share in the prior period. On average, six analysts polled by Thomson Reuters expected loss of $0.16 per share for the quarter. Analysts' estimates typically exclude one-time items.
Operating revenues for the quarter decreased 12 percent to $105.0 million from $119.6 million last year. Analysts estimated revenues of $94.20 million for the quarter.
Net auction sales for the quarter decreased $172 million or 29 percent.
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