CompaniesUnited States

Berkshire Hathaway operating earnings fall 6% as record $9.6 billion goes to buybacks

Berkshire Hathaway's third-quarter operating earnings fell 6% from a year earlier. It spent a record $9.6 billion buying back its own shares and held $377.4 billion in cash.

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Berkshire Hathaway reported third-quarter results with operating earnings down 6% from a year earlier. Operating earnings measure profit from the core businesses, leaving out investment gains and losses. Insurance earnings were weaker.

The company spent a record $9.6 billion on share buybacks, which means it bought its own stock in the market. Its cash pile stood at $377.4 billion.

In numbers

-6%Operating earnings, year on year
$9.6 billionRecord share buybacks
$377.4 billionCash reserves

Matthew Palazola, a senior insurance analyst at Bloomberg Intelligence, said CEO Greg Abel is putting the large cash reserves to work. The tools include buybacks, acquisitions and equity investments.

Berkshire Hathaway$570.89up +12.77%over 1 month
$579.09$506.257 Oct6 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

Palazola also said Abel is keeping the measured approach linked to Warren Buffett.

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Who is who

  • Greg AbelBerkshire Hathaway CEO
  • Matthew PalazolaBloomberg Intelligence senior insurance analyst

Background

Greg Abel is chief executive of Berkshire, which Warren Buffett long led.

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Berkshire Hathaway

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

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