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Wall Street JournalBerkshire Hathaway Inc. Quarterly Report for the Quarter Ending March 31, 2024
Berkshire Hathaway Inc. Quarterly Report for the Quarter Ending March 31, 2024
Berkshire Hathaway Inc. has reported a net profit of $5.47 billion for the first quarter of 2024, up from $4.14 billion in the same period last year. The company’s book value per share increased to $295,660 from $281,920 in the previous quarter. The company’s cash position has also improved, with cash and cash equivalents totaling $145.1 billion at the end of the quarter, up from $139.4 billion in the previous quarter.
Overview
Berkshire Hathaway is a holding company owning subsidiaries engaged in insurance, railroads, utilities and energy, manufacturing, service and retailing.
Highlights
- Net earnings attributable to shareholders were $12.7 billion in Q1 2024, down from $35.5 billion in Q1 2023.
- After-tax insurance underwriting earnings increased to $2.6 billion from $0.9 billion.
- BNSF earnings decreased 8.3% to $1.1 billion.
- Berkshire Hathaway Energy earnings increased 67.2% to $0.7 billion.
- Manufacturing and service earnings were flat at $3 billion.
Insurance
Insurance underwriting earnings increased due to improved results at GEICO and no catastrophic losses compared to $350 million last year.
After-tax insurance investment income increased 32.2% or $0.6 billion due to higher short-term investment income.
| Q1 2024 | Q1 2023 |
|---|---|
| $2.6 billion | $0.9 billion |
Effective tax rate: 21.9% vs 24.3% last year
Railroads
BNSF earnings decreased 8.3% or $0.1 billion due to lower revenue per car/unit and higher costs.
| Q1 2024 | Q1 2023 |
|---|---|
| $1.1 billion | $1.2 billion |
Effective tax rate: 24.8% vs 24.4% last year
Energy
Berkshire Hathaway Energy earnings increased 67.2% or $0.3 billion.
- U.S. utilities earnings more than doubled due to lower wildfire losses.
- Natural gas pipeline earnings increased 35.2%.
| Q1 2024 | Q1 2023 |
|---|---|
| $0.7 billion | $0.4 billion |
Manufacturing and Retail
Combined manufacturing and retailing earnings were flat at $3 billion.
| Business | Q1 2024 | Q1 2023 | Change |
|---|---|---|---|
| Manufacturing | $2.9 billion | $2.6 billion | +11.6% |
| Retailing | $1.1 billion | $1.3 billion | -19.6% |
Investments
After-tax investment gains decreased to $1.5 billion from $27.4 billion last year.
- Included $4 billion unrealized gains on securities held vs $31.3 billion last year
- Q1 realized losses were $2.1 billion vs $0.4 billion gains last year
Outlook
Berkshire maintains strong liquidity and capital position to fund operations and withstand adverse events.
Focus is on value-generating acquisitions and increasing shareholder value through intrinsic value repurchases.