Berkshire Hathaway Reports Q1 Earnings Decline
Berkshire Hathaway Inc. has reported a decline in operating earnings for the first quarter, with a 14% decrease to $9.64 billion.
Key Financials
- Operating earnings: $9.64 billion (down 14% from Q1 last year)
- Net earnings: $4.6 billion (down 64% from Q1 last year)
- Insurance underwriting profit: halved due to catastrophe claims
- Investment losses: $6.4 billion (compared to $1.9 billion in investment gains last year)
Business Unit Performance
- BNSF Railway: delivered steady gains
- Energy units: delivered steady gains
Cash Position
- Berkshire Hathaway’s cash pile reached a record $347.7 billion
CEO Transition
Warren Buffett, CEO of Berkshire Hathaway, has announced his plans to step down at year-end after six decades atop the conglomerate. He will recommend Greg Abel, the non-insurance business vice chairman, to take over as CEO at year-end.
Stock Price
The company’s stock price has been stable, closing at $539.80 on May 2, despite the decline in earnings.