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Berkshire Hathaway’s Earnings Slip 4% as It Writes Down $5 Billion on Kraft Heinz

Warning of risks from U.S. tariffs, the company holds a near-record $344.1 billion cash reserve pending the CEO transition.

FILE - Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview with Liz Claman on Fox Business Network's "Countdown to the Closing Bell," May 7, 2018, in Omaha, Neb. (AP Photo/Nati Harnik, File)
Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, U.S., May 3, 2024. REUTERS/Scott Morgan/File Photo
Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, on May 3, 2024.
Warren Buffett at an event for Goldman Sachs Group's 10,000 Small Businesses initiative in Detroit on Nov. 26, 2013.

Overview

  • Berkshire Hathaway’s second-quarter operating earnings declined 4% year over year to $11.16 billion, driven in part by softer insurance underwriting results.
  • The conglomerate recorded a $4.99 billion pre-tax impairment on its 27% stake in Kraft Heinz after deeming the loss other-than-temporary.
  • Berkshire cautioned that steep U.S. tariffs could adversely affect most of its operating businesses and equity investments.
  • The company ended the quarter with $344.1 billion in cash and equivalents, sold equities for the 11th consecutive quarter and made no share repurchases.
  • Warren Buffett reiterated his plan to step down as CEO at the end of 2025, with Vice Chairman Greg Abel set to succeed him.