2024-05-04 08:24:04 ET
Berkshire Hathaway Inc. (NYSE: BRK.B) reported its first-quarter earnings results on May 4, a highly anticipated day by stakeholders and followers.
The financial statement revealed a 5.2% surge in the firm’s total revenue to $89.9 billion, whereas operating income increased by 39.1% YoY to $11.22 billion.
Berkshire’s insurance and energy businesses contributed to the impressive quarterly performance.
The earnings revealed Berkshire’s insurance segments saw $2.6 billion in underwriting profits, a remarkable increase from last year’s $911 million.
Berkshire Hathaway earnings snapshot
- Total revenue up 5% to $89.9B
- Insurance float dropped to $168B from Q4’s $169B
- Operating earnings surge 39.1% YoY to $11.22B
Notably, Berkshire executed stock buybacks worth $2.6 billion, up from Q4’s $2.2 billion.
Furthermore, Berkshire’s shareholder annual meeting immediately after Q1 results remains crucial as the first without Buffet’s partner, Charlie Munger, who died in November 2023.
Munger and Buffet’s collaboration was crucial in transforming the company into a billion-dollar conglomerate.
Attendees will likely miss Munger’s presence during the meeting, and with Warren Buffet at age 93, attention will shift to Berkshire’s potential successors .
Meanwhile, Chairmen Ajit Jain and Greg Abel remain in the limelight as the potential future leaders at Berkshire Hathaway.
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