Berkshire Hathaway reported a 34% year-on-year increase in third-quarter operating income to $13.5 billion, driven by a near-tripling of insurance underwriting income to $2.4 billion. Profits rose at BNSF Railway and in the manufacturing, service, and retailing division, while Berkshire Hathaway Energy and the insurance investment segment saw declines. Buffett and his team bought $6.4 billion of stocks and sold $12.5 billion, making them net sellers for the 12th straight quarter. No share buybacks occurred for a fifth consecutive quarter. Cash balances grew to $358 billion ($382 billion excluding Treasury payables). Berkshire agreed to acquire OxyChem for nearly $10 billion. Greg Abel is set to succeed Buffett as CEO when Buffett steps down at year-end.
"Berkshire's third-quarter earnings report on Saturday showed a 34% year-on-year surge in operating income to $13.5 billion, as insurance underwriting income nearly tripled to $2.4 billion. Profits also climbed at the BNSF Railway and in the manufacturing, service, and retailing division. The Berkshire Hathaway Energy and the insurance investment segment saw a drop in operating earnings. Buffett, 95, and his team spent $6.4 billion on stocks but sold $12.5 billion worth, making them net sellers for the 12th quarter in a row."
"The stock sales and lack of buybacks contributed to Berkshire's cash pile swelling to $358 billion, or $382 billion if payables for Treasury purchases are excluded. Buffett rocked the business world in May when he broke the news to an arena full of Berkshire shareholders"
#berkshire-hathaway #warren-buffett #operating-earnings #cash-pile--capital-allocation #acquisitions
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