By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
24x7Report24x7Report
  • Home
  • World News
  • Finance
  • Sports
  • Beauty
  • Fashion
  • Fitness
  • Gadgets
  • Travel
Search
© 2023 News.24x7report.com - All Rights Reserved.
Reading: Berkshire Hathaway BRK earnings Q3 2023
Share
Notification Show More
Aa
24x7Report24x7Report
Aa
Search
  • Home
  • World News
  • Finance
  • Sports
  • Beauty
  • Fashion
  • Fitness
  • Gadgets
  • Travel
  • en English
    • en English
    • id Indonesian
    • ms Malay
    • es Spanish
Follow US
© 2023 News.24x7report.com - All Rights Reserved.
24x7Report > Blog > Finance > Berkshire Hathaway BRK earnings Q3 2023
Finance

Berkshire Hathaway BRK earnings Q3 2023

Last updated: 2023/11/04 at 1:10 PM
Share
4 Min Read
August once again lives up to its dismal reputation for stocks
SHARE

An Andy Warhol-like print of Berkshire Hathaway CEO Warren Buffett hangs outdoors a clothes stand throughout the first in-person annual assembly since 2019 of Berkshire Hathaway Inc in Omaha, Nebraska, U.S. April 30, 2022.

Scott Morgan | Reuters

Berkshire Hathaway on Saturday reported a giant bounce in third-quarter working earnings, whereas sitting on a document amount of money as Warren Buffett noticed few dealmaking alternatives.

The Omaha-based conglomerate’s working earnings — which embody income produced from the myriad of wholly owned companies similar to insurance coverage, railroads and utilities — totaled $10.761 billion final quarter. That is 40.6% greater than the $7.651 billion earned from the identical quarter a yr in the past.

Berkshire held a document degree of money on the finish of September — $157.2 billion — topping the $149.2 billion excessive set within the third quarter of 2021.

The “Oracle of Omaha” has been benefiting from surging bond yields, shopping for up short-term Treasury payments yielding at the least 5%. The conglomerate owned $126.4 billion price of such investments on the finish of the third quarter, in comparison with about $93 billion on the finish of final yr.

Buyback exercise continued to decelerate as Berkshire shares roared to a document excessive throughout the quarter. The agency spent $1.1 billion to repurchase shares, bringing the nine-month complete to roughly $7 billion.

Berkshire Class A shares have rallied almost 14% this yr. After reaching an all-time excessive on Sept. 19, shares have fallen about 6% from the height.

Inventory Chart IconInventory chart icon

hide content

Berkshire Hathaway Class A shares

See also  Warren Buffett says Berkshire may only do slightly better than the average company due to its sheer size

Geico, the crown jewel of Berkshire’s insurance coverage empire and Buffett’s “favourite baby,” reported one other worthwhile quarter with underwriting earnings of $1.1 billion. The auto insurer is in the midst of a turnaround after shedding market share to competitor Progressive.

BNSF, nonetheless, noticed a 15% decline in earnings because the railroad division grappled with decrease volumes and better prices.

Funding loss

Buffett’s firm did put up a major funding lack of $24.1 billion within the third quarter, which largely got here from a decline in its large Apple stake. Shares of the iPhone maker fell 11.7% throughout the quarter however have rebounded over 3% since.

As per normal, Berkshire Hathaway requested traders to look previous the quarterly fluctuations in Berkshire’s fairness portfolio.

“The quantity of funding positive aspects/losses in any given quarter is normally meaningless and delivers figures for internet earnings (losses) per share that may be extraordinarily deceptive to traders who’ve little or no information of accounting guidelines,” the corporate mentioned in a press release.

Whereas Berkshire scored a large improve in working earnings, the conglomerate did acknowledge the detrimental financial influence from the pandemic, in addition to geopolitical dangers and inflation pressures.

“To various levels, our working companies have been impacted by authorities and personal sector actions to mitigate the opposed financial results of the COVID-19 virus and its variants in addition to by the event of geopolitical conflicts, provide chain disruptions and authorities actions to gradual inflation,” Berkshire mentioned. “The financial results from these occasions over longer phrases can’t be moderately estimated right now.”

See also  Philippines ‘Suspends’ Its Sovereign Investment Fund

You Might Also Like

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

How China’s Companies Are Responding to the US Trade War

The US Flip-flop Over H20 Chip Restrictions 

TAGGED: Berkshire, BRK, earnings, Hathaway

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article A Tale of 3 Nations: Debt Restructuring in Ghana, Zambia, and Sri Lanka A Tale of 3 Nations: Debt Restructuring in Ghana, Zambia, and Sri Lanka
Next Article US Man Arrested For Pointing Gun At 6-Year-Old Boy US Man Arrested For Pointing Gun At 6-Year-Old Boy’s Head Over Halloween Candy Bag

Stay Connected

1.30M Followers Like
311 Followers Pin
766 Followers Follow

Latest News

Surprising Benefits of Eating Eggs Everyday for Your Health
Beauty May 10, 2025
Holistic Approaches to Support Your Skin’s Natural Glow
Beauty May 7, 2025
Elevate Your Aesthetic: how to Master the Effortlessly Chic Look
Beauty May 4, 2025
Cambell Kenneford Inspires a New Trans Generation
Beauty May 3, 2025
The Simple Benefits of DIM Supplements
Beauty May 2, 2025
//

This is your World, Finance, Fitness, Fashion  Sports  website. We provide the latest breaking news straight from the News industry.

Quick Link

  • Contact
  • Privacy Policy
  • Terms & Conditions

Top Categories

  • Fashion
  • Finance
  • Fitness
  • Gadgets
  • Travel

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
24x7Report24x7Report
Follow US

© 2023 24x7Report.com - All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?