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4h ago

Berkshire Posts 34% Operating Gain and Record $382 Billion Cash as CEO Transition Nears

The results emphasize Berkshire’s operating rebound ahead of Greg Abel’s January handover.

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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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)

Overview

  • Operating earnings rose to $13.485 billion from $10.09 billion a year earlier, led by a sharp improvement in core businesses.
  • Reported net earnings increased 17% to $30.796 billion, boosted by $17.3 billion of investment gains.
  • Insurance underwriting profit climbed to $2.369 billion after a milder hurricane season, while utilities profit fell nearly 9% to $1.489 billion.
  • Berkshire ended the quarter with about $381.7 billion in cash and equivalents, conducted no share buybacks, and was a net seller of equities (about $12.4 billion sold versus $6.4 billion bought).
  • The company agreed in October to buy Occidental’s OxyChem unit for $9.7 billion in cash as Warren Buffett prepares to relinquish the CEO role and remain chairman.