"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 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-hathaway #warren-buffett #operating-earnings #cash-pile--capital-allocation #acquisitions
Read at Business Insider
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