Berkshire Hathaway Q3 Earnings Brk

Andrew Harnik | AP Berkshire Hathaway on Saturday posted a solid third-quarter operating profit gain despite growing recession fears, while Warren Buffett continued to buy back his shares at a moderate pace. The Omaha-based conglomerate’s operating profit — which includes earnings from the conglomerate’s myriad businesses, such as insurance, railroads and utilities — totaled $7.761 billion in the third quarter, up 20% compared to last year. Insurance investment income was $1.408 billion, up from $1.161 billion a year earlier. Profits from the company’s utilities and energy businesses came in at $1.585 billion, up from $1.496 billion a year earlier. However, insurance underwriting suffered a loss of $962 million, while railroad earnings fell to $1.442 billion from $1.538 billion in 2021. Berkshire spent $1.05 billion on share repurchases during the quarter, bringing its nine-month total to $5.25 billion. The buyback pace was in line with the $1 billion bought in the second quarter. Repurchases were well below CFRA’s expectations as its analyst estimated they would be similar to the $3.2 billion total in the first quarter. However, Berkshire posted a net loss of $2.69 billion in the third quarter, compared with a profit of $10.34 billion a year earlier. The quarterly loss was largely due to a decline in Berkshire’s equity investments amid the market’s roller-coaster ride. Berkshire suffered a $10.1 billion loss on its investments during the quarter, bringing its 2022 shortfall to $63.9 billion. The legendary investor again told investors that the amount of investment losses in any given quarter is “usually meaningless.” Shares in Buffett’s group have outperformed the broader market this year, with the Class A shares down about 4% against a 20% decline in the S&P 500. The stock fell 0.6% in the third quarter. Zoom Icon Arrows pointing out Buffett continued his buying plunge in Occidental Petroleum in the third quarter, as Berkshire’s stake in the oil giant has risen to 20.8%. In August, Berkshire received regulatory approval to buy up to 50%, fueling speculation that it may eventually buy all of Houston-based Occidental. The group amassed a cash pile of nearly $109 billion at the end of September, compared with a total of $105.4 billion at the end of June.

title: “Berkshire Hathaway Q3 Earnings Brk " ShowToc: true date: “2022-12-07” author: “Bill Bartz”

Andrew Harnik | AP Berkshire Hathaway on Saturday posted a solid third-quarter operating profit gain despite growing recession fears, while Warren Buffett continued to buy back his shares at a moderate pace. The Omaha-based conglomerate’s operating profit — which includes earnings from the conglomerate’s myriad businesses, such as insurance, railroads and utilities — totaled $7.761 billion in the third quarter, up 20% compared to last year. Insurance investment income was $1.408 billion, up from $1.161 billion a year earlier. Profits from the company’s utilities and energy businesses came in at $1.585 billion, up from $1.496 billion a year earlier. However, insurance underwriting suffered a loss of $962 million, while railroad earnings fell to $1.442 billion from $1.538 billion in 2021. Berkshire spent $1.05 billion on share repurchases during the quarter, bringing its nine-month total to $5.25 billion. The buyback pace was in line with the $1 billion bought in the second quarter. Repurchases were well below CFRA’s expectations as its analyst estimated they would be similar to the $3.2 billion total in the first quarter. However, Berkshire posted a net loss of $2.69 billion in the third quarter, compared with a profit of $10.34 billion a year earlier. The quarterly loss was largely due to a decline in Berkshire’s equity investments amid the market’s roller-coaster ride. Berkshire suffered a $10.1 billion loss on its investments during the quarter, bringing its 2022 shortfall to $63.9 billion. The legendary investor again told investors that the amount of investment losses in any given quarter is “usually meaningless.” Shares in Buffett’s group have outperformed the broader market this year, with the Class A shares down about 4% against a 20% decline in the S&P 500. The stock fell 0.6% in the third quarter. Zoom Icon Arrows pointing out Buffett continued his buying plunge in Occidental Petroleum in the third quarter, as Berkshire’s stake in the oil giant has risen to 20.8%. In August, Berkshire received regulatory approval to buy up to 50%, fueling speculation that it may eventually buy all of Houston-based Occidental. The group amassed a cash pile of nearly $109 billion at the end of September, compared with a total of $105.4 billion at the end of June.