- The Omaha-based conglomerate’s operating earnings totaled $10.043 billion last quarter, 6.6% higher than the figure from the same quarter a year ago.
- Net income totaled $35.91 billion, compared with a $43.62 billion loss during the second quarter last year.
- Berkshire’s massive cash pile grew to $147.377 billion at the end of June, near a record and much higher than the $130.616 billion in the first quarter.
- The company bought back ~$1.4B of its common stock during the quarter, compared with $4.4B in the previous quarter, bringing its purchases in the first half of the year to $5.8B.
Operating Earnings breakdown:
Insurance - underwriting: $1.25B vs. $715M in Q2 2022; GEICO pretax underwriting earnings were $514M in Q2 2023 vs. a loss of $487M in the year-ago quarter;
Insurance - investment income: $2.37B vs. $1.91B a year ago, primarily due to higher short-term interest rates, partly offset by lower dividend income;
Berkshire Hathaway Energy: $1.26B vs. $1.66B in Q2 2022, primarily from lower overall freight volume and higher non-fuel operating costs, offset by lower fuel costs;
Other controlled businesses: $3.50B vs. $3.25B;
Non-controlled businesses: $535M vs. $182M a year ago;
Other: $340M vs. $912M.
Investment earnings:
Investment and derivative gains, most of which are unrealized, were $25.9B in Q2 compared with a loss of $53.0B in the year-ago quarter.
That resulted in net earnings of $35.9B in the most recent quarter compared with a loss of $43.6B a year ago.
The most recent quarter included $1.6B of after-tax realized gains on the sale of investments and the year-ago quarter included $44M of after-tax realized losses.
As of June 30, 2023, about 78% of Berkshire Hathaway’s (BRK.B) $353.4B of equity holdings, at fair value were concentrated in five companies, compared with a 77% concentration of a $328.8B portfolio at March 31, 2023. The value in its stake in Apple (AAPL) outshone the rest of its biggest holdings.
Its Apple (AAPL) stake, at fair value, jumped to $177.6B from $151.0B at the end of Q2; Bank of America (BAC) at $29.6B vs. $29.5B; American Express (AXP) to $26.4B from $25.0B; Coca-Cola (KO) at $24.1B from $24.8B, and Chevron (CVX) to $19.4B from $21.6B.
https://www.cnbc.com/2023/08/05/berkshire-hathaway-brk-earnings-q2-2023.html
Looks like Buffet is in no hurry to buy too much into the market given short term rates are at 5%. That $150 billion is earning $8billion in interest.
[link] [comments] https://www.reddit.com/r/stocks/comments/15iy31e/berkshire_operating_earnings_jump_on_insurance/
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