Sotheby’s (NYSE: BID), the first international auction house, announced its financial results for the fourth quarter of 2017. Shares of the company increased 8.1% today.
For the fourth quarter, revenue rose from $308.69 million to $315.6 million, beating analysts’ estimates of $311.3 million. Agency commissions and fees, which is the largest source of the company’s revenue, increased 10% for the fourth quarter.
The company’s earnings for the fourth quarter increased from $73.76 million for the same period last year to $79.07 million, also surpassing analysts’ estimates of $70.5 million. Excluding certain items, earnings per share for the company rose from $1.35 per share to $1.47 per share, which was more than estimates of $1.34 per share.
“We had a very good year in 2017, and we are planning to have an even better one in 2018,” Tad Smith, the CEO of Sotheby’s, said in the statement on Thursday.
For the full year 2017, the company reported net income of $118.8 million, or $2.20 per diluted share, compared with net income of $74.1 million, or $1.27 per diluted share for 2016. In addition, adjusted net income increased 22% from $99.6 million to $121.7 million, according to the company.