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Shares of auction house Sotheby's soar on earnings beat

'Portrait of Two Boys' by Titian and studio, one of the first few double portraits in Renaissance painting, circa 1540, featured in an exhibition of Sotheby's Old Masters Sale at Sotheby's on December 2, 2016 in London.
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'Portrait of Two Boys' by Titian and studio, one of the first few double portraits in Renaissance painting, circa 1540, featured in an exhibition of Sotheby's Old Masters Sale at Sotheby's on December 2, 2016 in London.

Shares of Sotheby's climbed more than 15 percent to reach a 52-week intraday high Monday after the company reported fourth-quarter earnings that beat forecasts.

The New-York based auction house reported adjusted earnings of $1.35 per share for the quarter, topping a Thomson Reuters consensus estimate of $1.17 a share. One year ago, Sotheby's reported a quarterly loss of 17 cents per share.

Results for the latest quarter "benefited from a lower effective tax rate and a significantly lower number of shares outstanding due to share repurchases made throughout 2016," Sotheby's said in a release.

Quarterly sales came in at $308.7 million, topping a $269 million FactSet expectation but down from the company's revenue of $335.8 million in the same period last year.

With Monday's gains, shares of Sotheby's have risen more than 16 percent this year and are up 104 percent over the past 12 months.

Sotheby's year-to-date performance

Source: FactSet