"Berkshire Hathaway's operating earnings jumped 17% to $11.3 billion in the first quarter, driven by strong growth in insurance-underwriting profits and various business units."
"The company has been a net seller of stock for 14 consecutive quarters, with net stock sales totaling $8 billion last quarter, despite a significant cash pile."
"Berkshire's cash and Treasury bills reached a record $380 billion, nearly tripling in size over the last three years, exceeding the market capitalizations of major companies."
"Abel emphasized a cautious approach, stating he would not roll out a dividend or make deals just to put the cash pile to work."
Greg Abel's first quarter as CEO of Berkshire Hathaway saw a 17% rise in operating earnings to $11.3 billion. The company experienced growth in insurance-underwriting profits and various business units. However, earnings were boosted by a foreign-exchange gain. Berkshire sold a net $8 billion in stocks, marking 14 consecutive quarters as a net seller. The cash and Treasury bills reached a record $380 billion. Abel has stated he will not distribute dividends or make deals just to utilize the cash pile, emphasizing a cautious approach to capital allocation.
Read at www.businessinsider.com
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