Berkshire Hathaway (BRK.A / BRK.B) has posted a 20% increase in its third-quarter operating
profit, while also buying back $1 billion U.S. of its own stock in the period.
The Omaha-based holding company that is run by famed investor Warren Buffett announced
that its operating earnings, which include businesses ranging from insurance and railroads to
utilities and restaurants, totaled $7.76 billion U.S. in Q3, up 20% from a year earlier.
Insurance-investment income came in at $1.40 billion U.S., up from $1.16 billion U.S. a year
earlier. Earnings from the company’s utilities and energy businesses came in at $1.58 billion
U.S., up from $1.49 billion U.S. a year earlier.
However, the insurance companies owned by Berkshire lost 962 million U.S. in the July through
September quarter, while railroad earnings fell to $1.44 billion U.S. from $1.53 billion U.S. a
year ago.
Berkshire spent $1.05 billion U.S. in share buybacks during the quarter, bringing its total
repurchases through nine months of this year to $5.25 billion U.S.
Berkshire Hathaway posted a net loss of $2.69 billion U.S. in Q3, versus a $10.34 billion U.S. in
the same period of 2021. The loss was largely due to a drop in Berkshire’s stock investments
amid the current market rout.
Berkshire suffered a $10.1 billion U.S. loss on its investments during the third quarter, bringing
its 2022 total decline to $63.9 billion U.S.
The conglomerate’s cash pile sat at $109 billion U.S. at the end of September.
Shares of Berkshire Hathaway have outperformed the broader market this year, with its widely
held Class B stock down 4% versus a 20% decline in the benchmark S&P 500 index.