Sotheby's provided consolidated earnings guidance for the fourth quarter and full year ended December 31, 2015. For the fourth quarter of 2015, the company estimates that it will report a net loss of $10 million to $19 million or $0.15 to $0.29 per diluted share, as compared to net income of $74 million or $1.06 per diluted share in the prior year. Adjusted net income for the fourth quarter of 2015 is estimated to be $75 million to $79 million and adjusted diluted earnings per share is estimated to be $1.11 to $1.17, as compared to adjusted net income and adjusted diluted earnings per share of $78 million and $1.12, respectively, in the same period of 2014. The estimated net loss for the fourth quarter of 2015 is due to two factors. First, a non-cash charge of $63 million to $68 million (or $0.94 to $1.02 per diluted share) will be recognized as a result of the incremental U.S. income tax associated with pre-2014 accumulated foreign earnings, which will no longer be indefinitely reinvested outside of the U.S. The company expects to report revenue to be in the range of $331 million to $333 million.

For the year ended December 31, 2015, the company estimates that it will report net income of $36 million to $45 million or $0.52 to $0.65 per diluted share, as compared to net income of $118 million or $1.68 per diluted share in the prior year. Adjusted net income for 2015 is estimated to be $138 million to $142 million and adjusted diluted earnings per share is estimated to be $1.99 to $2.05, as compared to adjusted net income and adjusted diluted earnings per share of $142 million and $2.03, respectively, in 2014. The company expects to report revenue to be in the range of $956 million to $958 million.