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10h ago

Berkshire Operating Profit Jumps as Cash Pile Sets Record and Buybacks Stay on Hold

Investors now look to Greg Abel’s impending tenure for signals on deploying the mounting cash reserve.

FILE - Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb., May 5, 2019. (AP Photo/Nati Harnik, File)
A screen displays Berkshire Hathaway Inc. on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 4, 2024. REUTERS/Brendan McDermid
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Overview

  • Third‑quarter operating earnings rose 34% to $13.485 billion, led by insurance underwriting profits that climbed to about $2.37 billion.
  • Overall net income increased 17% to roughly $30.8 billion as catastrophe losses eased versus a year ago.
  • Cash and short‑term investments reached a record near $381.7 billion, with most funds held in short‑term U.S. Treasury bills.
  • Berkshire was a net seller of stocks for a 12th straight quarter, selling about $12.5 billion and buying roughly $6.4 billion, and it executed no share repurchases.
  • The company agreed on Oct. 2 to purchase Occidental’s OxyChem for $9.7 billion in cash as Warren Buffett prepares to hand the CEO role to Greg Abel at year‑end.