As a member of the Extreme Investor Network, you know the importance of staying informed about the latest developments in the world of finance. That’s why we’re excited to share with you the latest on Berkshire Hathaway’s first-quarter earnings report.
Warren Buffett-led conglomerate, Berkshire Hathaway, reported a significant year-over-year increase in operating earnings in the first quarter, with its cash holdings reaching record levels. The operating profit surged by 39% to $11.22 billion, driven by a 185% increase in insurance underwriting earnings and a 174% increase in Geico earnings. The company’s railroad business also saw a profit of $1.14 billion, while its energy division nearly doubled its earnings to $717 million.
One of the standout points from the report was Berkshire’s record cash hoard of $188.99 billion, up from $167.6 billion in the previous quarter. This high cash holding indicates Buffett’s challenge in finding suitable major acquisition targets, something he has expressed frustration about in recent years. Despite this, Berkshire did trim its Apple stake by 13%, though it remains the company’s largest stock holding.
In addition to the financial numbers, the report also mentioned Berkshire’s buyback of $2.6 billion in stock, an increase from the previous quarter. The company’s annual shareholder meeting, known as the “Woodstock for Capitalists,” is approaching, where Buffett will address questions from shareholders on various topics, including the conglomerate’s holdings and his investment insights.
This year’s meeting holds particular significance as it will be the first annual meeting since the passing of Vice Chairman Charlie Munger in November. Year-to-date, Berkshire Class A shares have seen an increase of over 11%, reaching an all-time high in late February, while Class B stock has gained more than 12% during the same period.
Stay tuned to Extreme Investor Network for more insights and analysis on Berkshire Hathaway’s annual meeting and the latest developments in the world of finance.
