Gerald Miller | CNBC
Berkshire HathawayOperating revenue rose again as the businesses of the affected companies recovered. Chairman Warren Buffett aggressively repurchased Berkshire shares in the first quarter, but at a slightly slower pace.
Berkshire reported operating income of $ 7.018 billion in the first quarter, up 20% from $ 5.871 billion a year earlier. The joint venture economy of businesses including insurance, transport, utility, retail and manufacturing saw signs of recovery between reopening.
In the first quarter, the company repurchased $ 6.6 billion worth of Berkshire shares, following a $ 24.7 billion purchase last year, instead of building the deal. The stock raised $ 9 billion in shares in the fourth quarter.
Berkshire Hathaway’s cash pile rose about 5% to more than $ 145.4 billion in the quarter. Just below the record level seen at the end of the third quarter last year.
Buffett has been sidelined as the contract-making environment has become more competitive and market values have become higher. The renowned investor said at last year’s annual meeting that he did not find anything attractive to pull the trigger on substantial acquisitions as there has been in the past.
Berkshire’s equity investments also recorded solid returns, up about $ 4.69 billion in the last quarter. However, Buffett told Punkett shareholders not to focus on quarterly fluctuations in investment gains and losses.
“Investment gains (losses) in any quarter are generally meaningless and provide statistics on net returns per share, which can be very misleading to investors who know little about accounting rules,” Berkshire said in a statement.
Thanks to the recall program and recovery in its operating businesses, Berkshire “B” shares By 2021, more than 18% have achieved the record.
Overall, Berkshire reported a net income of $ 11.71 billion in the first quarter, or $ 7,638 per class. The stock suffered a net loss of $ 49.75 billion, or $ 30,653 per class, a year ago, as the epidemic of the stock market dramatically reduced the value of the company’s multi-share investment.
The company’s total revenue for the quarter was $ 64.6 billion, well above the estimated $ 63.66 billion for the street, according to Refinitive.
Berkshire Annual Partner Meeting Saturday kicking Buffett and Vice President Charlie Munger both attended Los Angeles at 1:30 p.m. This event will take place almost for the second time without participants.
Correction: Berkshire’s investment profit increased to 69 4.69 billion in the first quarter. The previous version of this story misrepresented the gains.
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